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

I don't like Fed raising interest rates so quickly, says Trump

On Wednesday US President Donald Trump lambasted the US Federal Reserve once again, complaining that the Fed has gone "crazy", but the president also reversed tack and called the current stock market sell-off a "correction", one that the administration has been "waiting for".

"The Fed is making a mistake".

"I don't like it", Trump said Tuesday at the White House, referring to the Fed's rate hikes, the most recent of which was September 26. "But I really disagree with what the Fed is doing".

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

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Fed spokeswoman Michelle Smith declined to comment on Trump's remarks.

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 percent to 2.25 percent - Trump said he was "not happy" about it.

White House Press Secretary Sarah Huckabee Sanders said in a statement following the close of markets that the US economy is "incredibly strong" despite the sell-off. He has repeatedly criticised the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating. "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.

Just two hours before, CNBC reported that an unnamed senior White House official told its correspondent that, "This is a bull market correction". "I like to stay uninvolved", Trump said.

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