Though the NYFRB's Plunge Protection Team swooped in to rescue US markets later in the afternoon, the sea of red in markets was just one more unwelcome distraction on a day when Trump and his administration already had its hands full with the rolling diplomatic crisis in Saudi Arabia.

And never one to pull punches when he's in a sour mood, Trump once again unleashed on the Federal Reserve and its chairman, Jerome Powell, during a 30-minute Oval Office interview with the Wall Street Journal, once again blaming the central bank for the market chaos that's erupted over the past few weeks. Ignoring the pleas of his closest advisors and practically every financial professional in the US, the president stepped up his attacks on Powell, telling the chronicle of American capitalism that it's "too early to tell" if he regrets nominating the Fed chairman.

That, of course, cuts against comments made by the president earlier this month when he insisted that he has no intention of firing Powell (though it's unclear whether he would have the authority to remove a sitting Fed chair).

And for those who have until now brushed aside Trump's angry attacks as an example of the president "just venting" over the recent pullback in markets, Trump told WSJ in no uncertain terms that he was "intentionally sending a direct message to Mr. Powell that he wanted lower interest rates."

While the Fed is supposed to be independent "in theory", Trump suggested that he wouldn't keep quiet and let the central bank wreck the economy.

He said the Fed was supposed to be independent “in theory,” but “To me the Fed is the biggest risk, because I think interest rates are being raised too quickly,”

Asked what would push him to try and remove Powell, Trump refused to answer with specifics.

Mr. Trump demurred when asked under what circumstances he’d remove Mr. Powell. “I don’t know,” he said. “I’m just saying this: I’m very unhappy with the Fed because Obama had zero interest rates.” Mr. Trump said it was “too early to tell, but maybe” if he regrets nominating Mr. Powell.

Pressed about what he believes is the biggest threat to the US economy, Trump replied: "The Fed" adding that every time he tries to do something great, they spoil the party.

“Every time we do something great, he raises the interest rates,” Mr. Trump said, adding that Mr. Powell “almost looks like he’s happy raising interest rates.” The president declined to elaborate, and a spokeswoman for the Fed declined to comment.

Notably, Trump also referred to the economy as "my economy" and complained that he couldn't be expected to compete with Obama, who benefited from near-zero rates during his entire tenure in office.

The president’s caustic comments about Mr. Powell came as Mr. Trump repeatedly described the economy in personal terms. He referred to economic gains during his time in office as “my numbers,” saying, “I have a hot economy going.” He described his push for growth as a competition with former President Obama’s record, saying that increases under his Democratic predecessor were skewed because of low-interest rates. [...] Citing the rate increases, Mr. Trump said, “How the hell do you compete with that? And Obama — remember this, it’s very important — Obama had zero interest,” the president said.

Though some have dismissed them as angry venting, it's clear that Trump's comments have already had an impact on interest-rate expectations.

Since President Trump has begun talking against The Fed, the rates market has shifted towards a more dovish stance, as the chart below shows.

While we're sure Trump's comments will send members of the liberal intelligentsia (and certain employees of the Eurasia Group) into apoplectic fits as they screech about how Trump is degrading essential American institutions, none other than Paul Volcker, the legendary Fed chairman who famously tamed America's runaway inflation during the early 1980s, recently recalled a 1984 meeting with former President Ronald Reagan when then-chief of staff James Baker flatly told Volcker:

"The president is ordering you not to raise interest rates before the election." "I was stunned," Volcker said. "I later surmised that the library location had been chosen because, unlike the Oval Office, it probably lacked a taping system."

But amid the crush of comparisons to Turkey, a few twitter commentators came through with some more lighthearted takes...