Trump says the Federal Reserve has 'gone crazy'

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.

The Dow dropped on Wednesday by over 800 points, the S&P fell more than 3 percent, and Nasdaq plummeted over 4 percent. Analysts say investors are worried about rising interest rates and trade tensions between the United States and China.

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