In a CNBC interview, National Economic Council Director Larry Kudlow referred to Trump’s attack on Fed and said “The president has his own views. He’s stated them many times. There’s nothing new here as far as I can tell.” But Kudlow also added “We all know the Fed is independent. The president is not dictating policy to the Fed. He didn’t say anything remotely like that.”

Kudlow described the stock market fall yesterday is a “normal correction in a bull market”. And he emphasized “the economic numbers are superb across the board.” Also, he said “We are the hottest economy in the world right now. We’re crushing it … Europe is slowing down. Asia is slowing down. We are moving rapidly.”

St. Louis Fed President James Bullard said “with respect to the (monetary policy) normalization, we have already reached a point when policy rates are in a good position.” And he suggested that Fed policymakers “don’t need to do much more to normalize policy.”

Separately, he also welcomed the USMCA North America trade agreement. He said “this is very good news, because it shows that despite the ups and down of negotiations, you can reach a conclusion …on trade relations.” And he hope the US “can get deals like this elsewhere and we might get the uncertainty down on this issue.”

It really bothers us to report nonsense. But when there are headlines flying around that could have an impact on the markets, it’s hard not to talk about it.

Trump launched another scapegoating attack on Fed and said, referring to the over 800 pts fall in DOW, “I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy.” He added “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.”

Later he doubled down and said in a telephone interview that “the problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous.” “The problem [causing the market drop] in my opinion is Treasury and the Fed. The Fed is going loco and there’s no reason for them to do it. I’m not happy about it.”

It’s again typical Trump in blaming the others. When the stock market hit record highs, did we hear the praise that Fed has done a great job? When unemployment is at record lows, with inflation at target, is Fed given the credits for meeting it’s dual mandates? Trump claimed all the credits all the way. When things turn, it’s others’ faults.

And, with federal funds rates at 2.00-2.25% and Fed still having a massive balance sheet, describing monetary policy as being “so tight” is a lie. When you disagree with what the Fed is doing, it doesn’t necessarily mean it’s crazy. Fed’s decisions are collective made by a committee of rational professionals and intellects. It looks more like Trump himself is the crazy one.

And after all, he nominated Fed chair Powell and hired Treasurer Mnuchin. Add to the long list of people you hired and fired. If you keep on hiring the wrong people, then you are the problem, POTUS. You better quit.

Anyway, enough rants. Let’s move on .