Trump says market drop is 'correction that we've been waiting for'

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US President Donald Trump said yesterday's stock market selloff was in fact a long awaited "correction", and that the Federal Reserve, which has been raising US interest rates, has gone "crazy".

Trump, who has been critical of the central bank's interest rate increases, tells reporters after landing in Erie, Pennsylvania, that he thinks "the Fed is making a mistake". "I think the Fed has gone insane".

He described the path of rate increases - most recently to a level of 2-2.25% - as "crazy", adding that the stock market reaction was the "correction that we've been waiting for".

He has frequently criticized the USA central bank for gradually raising interest rates, and on Wednesday reiterated his position: "I really disagree with what the Fed is doing".

As for whether Wednesday's overall market drop could signal an end to broader economic growth, Benedict says there won't necessarily be long-term affects if the markets can stabilize before the losses grow more severe.

Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies of $110 billion of American products.

Trump has previously criticized the Federal Reserve for its interest-rate hikes and said it did not "have to go as fast".

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

In July, the president complained about the Federal Reserve raising interest rates.

United States consumer price inflation is now above 2% and the unemployment rate is the lowest in about 40 years. "The Fed increasing rates to me was a sign that the economy was able to stand on its own two feet".

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 markets have been on a historic climb - with the Dow and S&P each notching dozens of new highs since 2016 - buoyed by a strong US economy and solid corporate earnings.

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 USA economy and creating more jobs. "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth".

During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the USA economy was strong. "It is doing well", Trump said.

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