President Trump placed the blame on the Federal Reserve’s interest rate hikes for driving a selloff in the stock market Wednesday, saying the central bank “has gone crazy.”
“I think the Fed is making a mistake. They’re so tight. I think the Fed has gone crazy,” Trump told reporters on his way to a rally in Pennsylvania.
He kept the insults coming on Thursday appearing on 'Fox and Friends' in a wide ranging interview, which included his thoughts on fiscal policy makers.
U.S. stocks saw more volatility on Thursday after the Dow Jones Industrial Average plummeted 832 points on Wednesday, recording its largest single-day point drop since February.
“Actually, it’s a correction that we’ve been waiting for, for a long time,” Trump said about the market selloff. “But I really disagree with what the Fed is doing, okay?”
"I think the Fed has gone crazy."
In September, the Federal Reserve raised short-term interest rates for the third time this year. Officials expect to hike rates another quarter percentage-point by the end of this year and gradually continue to raise rates at least through 2019.
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 U.S. economy and creating more jobs.
“I'd rather pay down debt or do other things, create more jobs, so I'm worried about the fact that they seem to like raising interest rates. We can do other things with the money,” the president said at a September press conference in New York.