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On Wednesday US President Donald Trump lambasted the US Federal Reserve once again, complaining that the Fed has gone “crazy”, but the president also reversed tack and called the current stock market sell-off a ‘correction’, one that the administration has been “waiting for”.

Key highlights

Donald Trump has been vocally dissatisfied with the Federal Reserve’s pace of rate hikes in 2018, with Trump stating publicly that he “likes low interest rates”. The US Federal Reserve is mandated by Congress to keep inflation and unemployment low.

With inflation nearing the upper bounds of the Fed’s target, and unemployment at four-decade lows, it’s tough to see a situation where interest rates wouldn’t be on the rise.

“Actually it’s a correction that we’ve been waiting for for a long time, but I really disagree with what the Fed is doing,” Trump told reporters before a political rally in Pennsylvania. “I think the Fed has gone crazy,” Trump said. – Reuters