President Donald Trump on Monday escalated his attacks on the Federal Reserve in a Christmas Eve tweet, claiming the central bank doesn't "have a feel for the Market," and "the only problem our economy has is the Fed."

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Trump has been complaining for months about Fed monetary policy, claiming rising interest rates are putting a brake on his economic plans. The president has also reportedly discussed firing Fed Chair Jerome Powell because of his frustration with stock market losses in recent months, although in a tweet Saturday, Treasury Secretary Steven Mnuchin quoted Trump as saying "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so."

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Stocks have been in a downward spiral with the Dow and S&P 500 down more than 12 percent this month — on track for their worst December performances since the Great Depression in 1931.