President Donald Trump kept up his steady drumbeat of criticism over the Federal Reserve, pinning the steep stock-market sell-off on their interest-rate policy.

Asked about the stock market rout in an interview on “Fox and Friends” on Thursday morning, Trump replied: “The Fed is getting a little too cute. That’s all. It’s ridiculous what they’re doing.”

On Wednesday, after the stock market closed, Trump told reporters that “the Fed is making a mistake.”

“I think the Fed has gone crazy,” he added.

In a later interview with Fox News Wednesday night, Trump said the Fed “is going loco and there is no reason for them to do it.”

Trump also criticized the Fed on Tuesday.

Since July, Trump has made clear he doesn’t like the Fed’s plans to gradually raise short-term interest rates. The stock market sell-off seems to have intensified his anger.

Some economists think Trump has a point. Mike Pearce, chief economist at Capital Economics , said he saw scattered signs the economy is already starting to cool off.

Read:Why one economist says Trump is right about the Fed

Analysts seem to doubt the criticism will sway policy makers.

See:What Trump’s tirade against ‘loco’ Fed means for the markets

Krishna Guha, a former top Fed staffer and now vice chairman at Evercore ISI, said in a note to clients that the criticism “will not in our view have a material impact on the path of policy,” but may impact the way Fed Chairman Jerome Powell talks about the policy path. The wiser path for the Fed chair is to avoid talking about policy needing to move into restrictive territory until next year.