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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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
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