Trump says Federal Reserve ‘has gone crazy’ after big stock drop

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

The Dow Jones dropped by more than 800 points on Wednesday in one of the worst days for the stock market since February, and President Donald Trump had an explanation ready when asked by reporters. "They're so tight. I think the Fed has gone insane", Trump told reporters on his way to a rally in Pennsylvania.

President Donald Trump slammed the Federal Reserve as "crazy" for its interest-rate increases this year in comments hours after the worst USA stock market sell-off since February. "The Fed has gone insane", Trump said.

At market close Wednesday, the Dow Jones average was still up more than 5,000 points since President Trump took office. A stock market correction is defined as a fall of at least 10 per cent from the high point of the last 52 weeks. "But I really disagree with what the Fed is doing, okay?"

The sell-off 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.

Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies of $110 billion of American products. President Trump blamed the Federal Reserve - and his appointee Jerome H. Powell - for the big drop Wednesday. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.

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

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Mr. Trump said earlier this week that he thought the central bank was moving too quickly with a series of planned interest rate hikes.

Trump said Tuesday that the economy is enjoying "record-setting" numbers and "I don't want to slow it down even a little bit, especially when we don't have the problem of inflation".

"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 U.S. and China", said Craig Erlam, senior market analyst at Oanda trading group.

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.

Last week's jump in yields followed strong U.S. data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programs.

"I like low interest rates", Trump said.

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