Fed ‘Has Gone Crazy’ With Interest Rate Hikes, Trump Says

President Trump blamed the plummeting stock market Wednesday on Federal Reserve policy that has raised interest rates six times since he took office, most recently in September.

"The Fed has gone crazy," Mr. Trump told reporters while traveling to Erie, Pennsylvania, for a campaign rally. "I think the Fed is making a mistake. They're so tight."

The markets suffered steep losses Wednesday. The Dow Jones Industrial average fell 3.15 percent; the tech-heavy Nasdaq index dropped 4.08 percent.

The president said of the market losses, "Actually, it's a correction that we've been waiting for a long time. But I really disagree with what the Fed is doing, okay?"

Mr. Trump said earlier this week that he thought the central bank was moving too quickly with a series of planned interest rate hikes.

He said he didn't think the current rate of U.S inflation merits higher borrowing costs.

"I think we don't have to go as fast," the president said.

The White House said Wednesday that the "fundamentals and future" of the U.S. economy are "incredibly strong" despite the big losses in the stock market.

"Unemployment is at a fifty year low, taxes for families and businesses have been cut, regulations and red tape have been slashed, paychecks are getting fatter, consumer and small business confidence are setting records, and farmers, ranchers and manufacturers are empowered by better trade deals," said White House press secretary Sarah Huckabee Sanders.

She added, "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth."