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

President Donald Trump slammed the Federal Reserve as "crazy" for its interest-rate increases this year in comments hours after the worst US stock market sell-off since February. The Fed is doing what it thinks is necessary, but I don't like what they're doing because we have inflation really checked and we have a lot of good things happening.

He adds, "I think the Fed has gone insane".

Reporters asked the president as he deplaned in Erie, Pennsylvania, if he was concerned about Wednesday's market selloff. Powell said last week he expects to stick with the current path of gradual interest-rate hikes while monitoring risks in the economy.

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

The rout in United States shares followed substantial losses on European bourses, due in part to tensions between Brussels and Rome over Italian budget plans that have revived fears about the eurozone.

White House Press Secretary Sarah Sanders issued a statement on the drop as well. The S&P 500 was down 1.9 percent, and the tech-heavy Nasdaq saw losses of 2.3 percent.

"The selling is not panicking but it's persistent", Briefing.com analyst Patrick O'Hare said of the proceedings. Netflix was down more than 8 percent, Amazon was off 6 percent and Apple and Google were both down more than 4.5 percent. Many observers expected that would trigger a sell-off in the stock market as investors flooded their cash into Treasurys.

Stocks have sold off in recent days on worries about higher borrowing costs. He has repeatedly criticized the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating. The Dow lost more than 550 points in afternoon trading.

Trump's comments echo his previous criticisms of recent months, which broke more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the USA central bank.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates.

In other markets, oil prices fell sharply on worries that Hurricane Michael will dent demand for gasoline and other petroleum products.

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