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U.S. President Trump criticized the Federal Reserve on Monday, calling it the "only problem" of the U.S. economy. Meanwhile, senior U.S. officials discussed the stock market crash, which was partly due to the president's discord with the Federal Reserve.
U.S. stocks plunged again on Monday amid fears of slowing economic growth, government closures and reports that Trump had discussed firing Federal Reserve Chairman Powell.
The S& P 500 index. SPX is expected to record its biggest decline in December since the Great Depression as concerns about slowing economic growth have plunged in recent weeks.
On Twitter, Trump blamed the Federal Reserve entirely for the economic headwinds. This tweet did nothing to alleviate market concerns about the independence that the Fed cherishes.
"The only problem with our economy is the Federal Reserve. They have no sense of the market, "Trump said on Twitter." The Federal Reserve is like a powerful golfer who can't score because he doesn't feel it. He can't put a putter!"
Trump, who has repeatedly criticized Powell and the Fed for raising interest rates, told Reuters in August that he was "not excited" about his appointees and that the Fed should do more to help him boost the economy. But the Fed raised interest rates again last week.
According to sources, the U.S. financial regulator told the Treasury Department on Monday that the recent sell-off in financial markets had not been unusual.
U.S. Treasury Secretary Nouchin met Monday with the President's Financial Markets Working Group, commonly known as the Plunge Protection Team. The working group usually meets only when there are serious fluctuations in the market.


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