Trump on 831 Stock Market Drop: Fed Has Gone Crazy

President Trump spoke with reporters after arriving at Erie International Airport for a campaign rally at Erie Insurance Arena on Wednesday

On Thursday, the president launched into a third day of verbal abuse of the central bank.

Trump's comments Wednesday triggered a sell-off on Wall Street, with Asian markets opening sharply lower on Thursday in response. "But I think the Fed has gone insane", he said.

"Actually it's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing", Trump told reporters before a political rally in Pennsylvania.

The Dow Jones stock market average dropped by 831 points, which is 3.15 percent of its opening value on Wednesday.

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

Trump began imposing tariffs on hundreds of billions of dollars worth of Chinese imports in January 2018, with Beijing retaliating by slapping tariffs on U.S. goods in response. The IMF projections don't take into account Trump's threat to expand the tariffs to effectively all of the more than $500 billion in goods the USA bought from China past year.

US President Donald Trump warned on Thursday there is "a lot more" he could do to hurt China's economy.

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U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. Powell said last week he expects to stick with the current path of gradual interest-rate hikes while monitoring risks in the economy. The problem I have is with the Fed.

The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the USA economy would enjoy at least three more years of economic growth.

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.

The newspaper said the White House is laying the groundwork for the meeting, saying Treasury Secretary Stephen Mnuchin and National Economic Council Director Larry Kudlow want to de-escalate the trade fight.

The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy. "It's probably healthy. This will pass and the U.S. economy remains strong". At just over 2 per cent, the Fed's short-term policy rate remains low by historic standards, and most indexes of borrowing costs and credit flows still regard broader financial conditions as "loose" and conducive to economic growth.

Some of his former advisers said they believed Trump's criticisms of the central bank were warranted.

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