"Actually, it's a correction that we've been waiting for, for a long time", Trump said.
U.S. stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop.
"I'm assuming that there might be a programme request on their part, but that has not been discussed and we will explore that this afternoon", she said.
"I stood on the floor in the crash of '87, so this is nothing", Benedict said.
While he was generally upbeat about the USA economy, predicting that the good news could continue "effectively indefinitely", when asked on October 3, 2018, what keeps him up at night, Powell said, "Basically everything".
"The tax cuts juiced earnings this year and that's not sustainable, " he said.
The Tel Aviv Stock Exchange was down more than two percent, Shanghai plummeted almost 5% while Tokyo and Hong Kong both shed around 4%, as investors fretted about surging interest rates and the ongoing US-China trade war.
U.S. consumer price inflation is now above 2% and the unemployment rate is the lowest in about 40 years. It is often tied to higher costs of borrowing for the federal government, which can spook investors. This implies they now see a greater possibility that growth and short-term interest rates could surprise by rising faster than forecasters now project.
Rates took their latest spike higher amid a report Friday which showed the lowest unemployment rate in 49 years, along with rising wages.
Powell and Trump haven't personally discussed the matter, the Fed chair has said, but Trump's rhetoric has alarmed some Democrats and Republicans on Capitol Hill. "The Fed is going wild".
But a fall would be a concern to the president, who frequently cites stock market performance as a sign of his administration's success.
"We're quite removed from the political process", Powell said in an interview last week at the Atlantic Festival in Washington.
European Union says there has been ‘no breakthrough’ in Brexit talks
The plan would keep the whole of the United Kingdom in a customs union with the EU until a free trade deal was reached. Penny Mordaunt, the International Development.
"And we just try to do the right thing for the medium and longer term for the country". "We don't let other things distract us".
Both the Dow and S&P are down more than 5 per cent over the past two days. Powell defended the Fed's plans to raise interest rates gradually in the coming months, saying it was appropriate policy in such "extraordinary" economic times.
"I don't think it's that at all", he said.
Powell's goal is to extend the second-longest USA economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth.
The Fed raised interest rates last month, and is expected to do so again in December. "That doesn't seem especially surprising".
The Bank of England governor cited Powell's support for reform of Libor (London interbank offered rate), after a rate rigging scandal, as an example of the Fed chief's grasp of issues affecting world markets.
He added later, "The problem, in my opinion, is Treasury's and the Fed".
The president has been publicly criticizing the central bank since July for interest-rate increases and declared he was "not happy" in September after the third rate hike of the year.
Trump has departed from that practice and has said he would not shy from future criticism should the Fed keep lifting rates. "Where is the inflation that they are fighting?"
While health care and bank stocks are doing the worst Thursday, the selling is across the board, even hitting stocks considered to be safe havens.
But Trump loves to tout good economic news, and either dismisses bad economic news or blames it on the Fed.
Last week's jump in yields followed strong U.S. data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programmes.