Trump calls stock sell-off a correction, says Fed ‘crazy’

The Dow took a beating Wednesday

President Donald Trump blamed "crazy" U.S. interest rate rises this year for prompting steep stock market falls which have extended across the globe.

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

Earlier, Asian markets saw sharp drops as US President Donald Trump said the US Federal Reserve had "gone crazy" with plans for higher interest rates.

The president took aim at the Federal Reserve, led by Jerome Powell whom he personally chose to lead the bank, after the Dow Jones Industrial Average fell 3%, or more than 800 points, in Wednesday trading - its worst drop in eight months.

Trump has often pointed to stock market records set during his time in office as a measure of his success. He has repeatedly criticized the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating.

'As stocks go up, tech goes up more than the stock market.

The selloff came a day after the International Monetary Fund said the world economy is plateauing and cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets. "The trade war with China, we're taking in billions of dollars in tariffs from China, from Chinese goods, and it hasn't hurt us at all".

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Trump's comments echo his previous criticisms of recent months, which broke more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the USA central bank.

A spike in Treasury yields and solid U.S. economic data have sparked concerns that the Federal Reserve may pick up the pace of its interest rate hikes. "But I really disagree with what the fed is doing. OK?"

President Donald Trump said the Federal Reserve is moving too fast with interest-rate increases and dismissed concerns about inflation, extending his run of criticism that central bankers have largely disregarded as they push ahead with higher borrowing costs.

United States consumer price inflation is now above 2% and the unemployment rate is the lowest in about 40 years.

"There are a number of worries for investors right now, from the pace of rising bond yields and the impact on investor sentiment, to Italy's populist coalition playing a game of chicken with the European Commission, stalling Brexit negotiations and the ongoing trade conflict between the USA and China", said Craig Erlam, senior market analyst at Oanda trading group.

The gradually rising rates, Fed officials say, are meant to guard against any quick run-up in inflation, while remaining low enough so far for the recovery and a strong run of job growth to continue.

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.

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