Trump says the Federal Reserve has 'gone crazy'

Donald Trump.
(Image credit: Mandel Ngan/AFP/Getty Images)

In the wake of major drops in the Dow Jones Industrial Average and S&P 500 on Wednesday, President Trump said the markets are "in a correction that we've been waiting for, for a long time."

Speaking to reporters in Erie, Pennsylvania, Trump said the Federal Reserve has "gone crazy" for continuing to raise interest rates. "I think the Fed is making a mistake," he said. "They are so tight." It's rare for a president to remark on the short-term rises or drops in the stock market, and almost unprecedented for a president to publicly chastise Fed decisions.

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Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.