Trump takes aim at 'crazy' Fed as markets sink following US slump

The Dow took a beating Wednesday

The Dow Jones dropped by more than 800 points on Wednesday in one of the worst days for the stock market since February, and President Donald Trump had an explanation ready when asked by reporters.

In comments to the press in Erie, Pennsylvania, Trump said, "I think the Fed is making a mistake".

"I think we don't have to go as fast", the president said.

The Dow Jones Industrial Average sank 831 points Wednesday, an approximately 3.15 percent drop.

After the central bank announced its third increase of the year in September - a quarter-point boost that raised the benchmark federal funds rate to a target range of 2 per cent to 2.25 per cent - Trump said he was "not happy" about it.

Those financial crisis-inspired programmes - such as quantitative easing - are now ending and the Fed has raised United States interest rates three times already this year - raising borrowing costs - and could add a fourth hike by the end of 2018. "It's all about investors rethinking their exposure to stocks".

"I wonder today whether Trump really has some buyer's remorse with respect to selecting Powell as his Fed chairman, because that was a odd pick", Moore said.

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She said in addition to rising interest rates, investors also fear that company profit margins will be squeezed by rising costs, including the price of oil.

Kevin Hassett, the head of Trump's Council of Economic Advisers, said the president is expressing his views on monetary policy, but he isn't trying to "politicize" the Fed.

Trump's public criticism of the Federal Reserve, whose chairman, Jerome Powell, Trump appointed, is a sharp departure from his recent predecessors. Higher interest rates makes it more expensive to borrow money, giving consumers or businesses pause before taking out a loan.

US President Donald Trump speaks during a briefing on Hurricane Michael in the Oval Office of the White House in Washington, DC, October 10, 2018.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the US economy is "incredibly strong" despite the sell-off, which analysts attributed in part to trade tensions with China.

Trump has said he likes low interest rates, in part because of his background in real estate.

During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the USA economy was strong. "The fundamentals and future of the US economy remain incredibly strong", she said, pointing to a 50-year low in unemployment, tax cuts, reduced regulatory burdens, bigger paychecks, and new trade deals that have specifically benefitted farmers, ranchers, and manufacturers.

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