WASHINGTON (AP) — President Donald Trump says the Federal Reserve “has gone crazy” after a major drop in stock prices Wednesday.
Trump, who has been critical of the central bank’s interest rate increases, tells reporters after landing in Erie, Pennsylvania, that he thinks “the Fed is making a mistake.”
He adds, “I think the Fed has gone crazy.”
But he’s also calling the drop “a correction we’ve been waiting for for a long time.”
U.S. stocks took their worst loss in eight months Wednesday, with the Dow Jones Industrial Average sinking 831 points and the Nasdaq composite logging its biggest loss in more than two years.
Trump has often pointed to stock market records set during his time in office as a measure of his success.