"No, I'm not going to fire him [Powell]," Trump said. "I'm just disappointed."
Trump said the stock market correction was a result of the Fed's interest rate increases. The central bank, he added, is making a mistake by enforcing a strict monetary policy.
On Wednesday, the US Dow Jones Industrial Average fell by more than 830 points, or three percent — the third largest point drop on record. The Nasdaq Composite Index fell by more than four percent, or 156 points, in its worst percentage decline since June 2016. Addressing the issue, Trump blamed the Federal Reserve (often referred to as the "Fed") for the drop, claiming it had gone "crazy."
In September, the Federal Reserve raised short-term interest rates for the third time this year in a policy intended to keep inflation in check by preventing the rapidly expanding US economy from overheating, according to Fed officials. The Fed’s open market committee also said it was planning two more hikes this year.