Trump Says Fed Has Gone 'Crazy' With Interest Rate Hikes

President Trump placed the blame on the Federal Reserve's interest rate hikes for driving a selloff in the stock market Wednesday, saying the central bank "has gone insane".

In comments to the press in Erie, Pennsylvania, Trump said, "I think the Fed is making a mistake. I think the Fed has gone insane".

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.

Evans said he estimates neutral to be around 2.75 percent, so "something a little bit above that would be slightly restrictive" and would allow the unemployment rate to rise gradually to a more sustainable level. "It's probably healthy. This will pass and the United States economy remains strong".

"You don't see that inflation coming back".

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Inflation, which had been worrisomely low in Evans' view, is now at the Fed's 2-percent target.

It was at least the third time that the president has criticised Fed policy since taking office.

Trump indicated he had not spoken with Powell.

Just two hours before, CNBC reported that an unnamed senior White House official told its correspondent that, "This is a bull market correction".

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