Trump takes aim at 'crazy' Fed as markets sink following U.S. slump

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

US 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. "It's so tight. I think the Fed has gone insane", Trump told reporters as he arrived for a campaign rally ahead of the USA mid-term elections.

U.S. President Donald Trump said that Wednesday's stock market sell-off was in fact a long-awaited "correction", and that the Federal Reserve, which has been raising U.S. interest rates, had gone "crazy".

Taiwan plunged almost 6%, with Seoul down 3% and Sydney and Singapore both falling 2% after US Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

Trump has often pointed to stock market records set during his time in office as a measure of his success.

"Actually, it's a correction that we've been waiting for, for a long time", Trump said about the market selloff. "But I really disagree with what the Fed is doing, okay?" The Fed has predicted that unemployment will remain below 4 percent through 2020 and inflation is expected to track around 2 percent, conditions that Federal Reserve chief Jerome H. Powell called "remarkably positive". By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.

"Clearly stocks are spooked by higher rates and maybe some inflation that seems to be creeping in", said Michael Farr, CEO of Farr, Miller & Washington.

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Powell's goal is to extend the second-longest US economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth.

Trump was briefed on the market turmoil earlier in the day, a White House official said.

Last week's jump in yields followed strong USA data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programs.

Fed Chairman Jerome Powell is aiming to extend the second-longest USA economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth.

During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the American economy was robust.

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