Trump calls stock sell-off 'a correction,' says Federal Reserve is 'crazy'

The stock market took a massive dive today – here’s how Trump explained what happened

"Actually, it's a correction that we've been waiting for, for a long time", Trump said about the market selloff.

That's what happened earlier this year when Treasury rates spiked, briefly spooking the market before cooler heads prevailed. Three have PhDs in economics and three have law degrees.

"I think it's good", Trump said of the stock decline.

"They want to negotiate, they want to negotiate badly, but I told them, 'You're not ready yet".

And our country and our economy will be better off than they would otherwise be. That comes after a big tax cut enacted last December.

He said the Federal Reserve was being "too aggressive" by raising interest rates this year and getting "a little bit too cute".

Mr. Williams said that once rates were at a normal level, then the Fed would be well positioned to respond to surprises-either inflationary or a softening in the economy-that may require raising or lowering rates.

Interest rates have been on the rise over the past several weeks, with the benchmark 10-year Treasury note - a barometer for corporate debt and mortgages rates - climbing to its highest level in more than seven years. Increased borrowing demand by Uncle Sam would lead to rising rates, all things being equal.

President Donald Trump is not known to mince words. And as a result, for reasons I won't go into here, the stock market would be lower than it is.

From its beginning, the Fed was created to insulate it from political pressures.

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Powell has repeatedly downplayed the president's comments, saying they have no impact on the Fed's decision-making.

In other markets, oil extended declines in Asian trade Thursday following a sharp build in USA crude inventories and fears Hurricane Michael, which is battering the U.S. state of Florida, will hurt demand for gasoline and other petroleum products.

The President said the markets were way up over what they were.

The Fed has raised interest rates three times this year and is largely expected to hike once more before year-end.

"The case for strong forward guidance about future policy actions is becoming less compelling" and "the future direction of policy will no longer be as clear as it was during the past few years", Mr. Williams said.

While he acknowledged that higher rates helped savers, he criticized the Federal Reserve's tactics.

The Fed's policy has diverged to some extent from other major global central banks, with the European Central Bank yet to raise rates since the Eurozone crisis. "That doesn't seem especially surprising".

Mnuchin said Fed Chairman Jay Powell was doing a good job. He was persuaded by Treasury Secretary Steven Mnuchin that Powell, who was already a Fed governor, would be a force for stability.

Mnuchin, speaking to reporters on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali, also said that Chinese officials had told him that they did not want to see a further depreciation of the yuan's exchange rate, an issue that the U.S. has been very concerned about.

The US central bank once again is on the firing line following President Donald Trump's unprecedented attacks but is likely to shrug it off and focus on economic data.

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