White House says economy 'incredibly strong' after stock-market dive

Stock markets

President Donald Trump signaled his anxiety about the Federal Reserve's plan to keep raising interest rates into 2019 after stocks plunged on Wednesday.

"It's a correction we have been waiting for a long time", Trump said. "I mean I don't know what their problem is but they are raising interest rates and it's ridiculous", Trump said late Wednesday night. "I think our nominees have been absolutely first rate".

"The Fed has gone insane", Mr. Trump told reporters while traveling to Erie, Pennsylvania, for a campaign rally.

Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices.

And while he acknowledged higher rates helped savers, he criticized the Federal Reserve's tactics as "too aggressive".

"It's had a big impact", Trump said in a Fox News interview.

Stocks are in the midst of a scary October slump, sliding sharply because investors are anxious about rising interest rates.

"I wonder today whether Trump really has some buyer's remorse with respect to selecting Powell as his Fed chairman, because that was a unusual pick", Moore said.

Powell and Trump haven't personally discussed the matter, the Fed chair has said, but Trump's rhetoric has alarmed some Democrats and Republicans on Capitol Hill.

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"And we just try to do the right thing for the medium and longer term for the country".

Trump indicated he had not spoken with Powell. Economists generally agree that in order to prevent runaway inflation, the Federal Reserve can raise interest rates to restrain the money supply.

As well as criticising the Fed, Mr Trump said his trade policies had hurt China's economy.

The Fed raised interest rates last month, and is expected to do so again in December.

U.S. consumer price inflation is now above 2% and the unemployment rate is the lowest in about 40 years.

Powell's goal is 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.

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

Some of his former advisers said they believed Trump's criticisms of the central bank were warranted.

Dramatic and sustained stock market declines can feed into that outlook through a "wealth effect" if they begin to erode household and business confidence, and prompt consumers and investors to curtail spending.

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