"I think the Fed is out of control. I think what they're doing is wrong. Under the Obama administration, you had a lot of help because they had very little interest," Trump told reporters at the White House Thursday while responding to questions on the down sliding of the stock market for a second consecutive day.
While the Dow Jones Industrial Average fell by 546 points, the S&P 500 tumbled 2.1 per cent and Nasdaq Composite by 1.3 per cent.
"When you talk about economics, our economy is far better than that. But we have actually -- we're paying interest. They weren't. They were using the funny money. But I think the Fed is far too stringent, and they're making a mistake and it's not right. Despite that, we're doing very well but it's not necessary, in my opinion. I think I know about it," he said.
At the same time, he ruled out firing Federal Reserve Chairman Powell. "No, I'm not going to fire him. I'm just disappointed at the clip. I think it's far too fast. Far too rigid, far too fast," Trump said.
The President said the markets were way up over what they were. "It's a correction that I think is caused by the Federal Reserve with interest rates. The dollar has become very strong, which, frankly, people can debate whether or not they like a strong dollar or not," he said.
Asserting that the dollar is very strong and powerful, he said that causes a little difficulty with doing business. "A strong dollar doesn't necessarily mean all good, but we do have a very strong dollar. And we have interest rates going up at a clip that's much faster than certainly a lot of people, including me, would have anticipated," the US President said.
(With inputs from agencies.)