The President is pulling no punches in his attack on Jerome Powell's Federal Reserve policy.

"I think the Fed is making a mistake. They're so tight," thee President said in Erie, Pennsylvania as he arrived for a rally. "I think the Fed has gone crazy.

The lashing out at Fed policy comes after an atrocious day for the market, marked by an over 800-point drop in the Dow Jones Industrial Average

"It's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing," the President declared.

The Fed has raised rates six times during Trump's administration after only two raises during President Obama's two terms. The rate now stands at more than double where it stood at the time of Trump's innauguration.

Jim Cramer agreed that the Fed is acting too quickly on his Mad Money program on Wednesday night, urging Jerome Powell slow down on his rate hiking habits.

To be sure, some critics are calling Trump's caustic take on the Federal Reserve a search for a scapegoat because the president has so frequently boasted about the market's gains during his presidency.

This was so predictable. Stock market falls. Trump blames the Fed. https://t.co/PjRpiHW0yK

— David Wessel (@davidmwessel) October 10, 2018

Additionally, some blamed Trump's tariffs for worsening the effect of rate hikes.

Adding to confusion is Trump's contradiction of statements made by Press Secretary Sarah Huckabee Sanders just hours earlier.

"The fundamentals and future of the U.S. economy remain incredibly strong," she said. "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth."

Traders can add some head scratching after-market to a day that made them pull their hair out.

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