NPR Interviews Owen on Fed's Interest Rate Hike

US stocks have plunged to their worst loss in eight months

"I think the Fed has gone insane", he said.

"It is a correction that I think it is caused by the Federal Reserve, with interest rates", Trump told reporters at the White House.

"I think the Fed is out of control", the President told reporters in the Oval Office.

"It's a correction that we've been waiting for for a long time", Trump said.

On the back of historically-low unemployment rates, a humming economy, and a record bull market, the Fed has already hiked interest rates three times this year. As big U.S. companies give updates in the coming weeks on how much they earned during the summer, investors will listen as CEOs say how much of an impact they're seeing from higher rates.

President Donald Trump is criticizing his hand-picked Federal Reserve chief at a time when interest rates show few signs of hindering the USA economic expansion.

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Last week's jump in yields followed strong United States 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 programmes.

Fed Chair Jerome Powell, whom Trump named to lead the central bank, has repeatedly brushed off the comments saying officials do not pay attention to politics.

Trump's public criticism of the Federal Reserve, whose chairman, Jerome Powell, Trump appointed, is a sharp departure from his recent predecessors.

When asked about the steep fall of the stock market, Trump said he was not anxious about it.

Right now, the notion that Trump is responsible for the stock market is strong, mostly because that claim has been hammered over and over-by Trump himself.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the U.S. economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China. "I think the Fed is out of control". This implies they now see a greater possibility that growth and short-term interest rates could surprise by rising faster than forecasters now project.

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However, asked about Powell's future, Trump said, "I'm not going to fire him". "The Fed policy of normalization is exactly the appropriate one", said chairman Jacob Frenkel.

In the last few weeks and months, the Federal Reserve has raised interest rates incrementally despite the better judgment of many US entrepreneurs. Trump added, "The Fed is going loco". When it comes to the economy, he said on Friday on CNBC, "The U.S. economy is strong".

"The president likes low interest rates".

"I think what you saw was a test and a failure ... and I think that prompted a lot of people to say, 'Oh my goodness, this is not what we're used to.' Support is supposed to hold and [stocks] are supposed to bounce".

Further interest-rate increases are "not unreasonable" given the strength of the expansion, said James Knightley, chief worldwide economist at ING Groep NV in London. "The president is concerned about the Fed raising interest rates too much and slowing down the economy".

Meanwhile, Europe's main stock markets slid by around 1.5% at the start of trading today following heavier falls across Asia and on Wall Street overnight.

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The Bank of England governor cited Powell's support for reform of Libor (London interbank offered rate), after a rate rigging scandal, as an example of the Fed chief's grasp of issues affecting world markets.

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