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

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

Despite Wednesday's sell-off, the S&P 500 would still need to more than double its losses. The Fed is doing what it thinks is necessary, but I don't like what they're doing because we have inflation really checked and we have a lot of good things happening.

Japanese stocks plunged by more than three percent Thursday following the worst session on Wall Street for months, as US President Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates. "Actually, it's a correction that we've been waiting for for a long time". "No, I think the Fed is making a mistake". US consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.

White House Press Secretary Sarah Sanders issued a statement on the drop as well.

Taiwan plunged almost 6%, with Seoul down 3% and Sydney and Singapore both falling 2% after US Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

As Hurricane Michael pummeled Florida, Wall Street was battered by storms as well, with the Dow shedding about 830 points, in the biggest fall since February, to close the day at 25,498.74.

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Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks. The S&P 500 index hasn't suffered a five-day losing streak since November 2016, just before the U.S. presidential election.

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O'Hare attributed the losses to worries about higher interest rates but also cited a "broad-scale deterioration in sentiment" as investors realized that the pullback on Wall Street failed to prompt bargain hunting to stabilize prices, as has been the norm in recent years.

The Fed has been raising interest rates gradually since December 2015, and last month lifted its target for short-term rates to a range of 2 per cent to 2.25 per cent, responding to an economy that has been growing at a pace well above what Fed officials believe is sustainable.

Trump has previously voiced his displeasure with the Fed's rate hikes, saying he would rather shift his focus to the continued growth of the US economy and creating more jobs. Netflix was down more than 8 percent, Amazon was off 6 percent and Apple and Google were both down more than 4.5 percent.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates.

The turmoil came a day after the International Monetary Fund slashed its global growth forecast on worries about trade wars and weakness in emerging markets.

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