On Wednesday, the Dow Jones plunged as 800 points after the U.S. bond market flashed a signal that a recession may be on the horizon. Rational people understand that this is largely happening because of persistent fears about Donald Trump’s never-ending trade war with China, in addition to concerns about a global economic slowdown. And then you have the president, who has never once been accused of being rational, smart, or even sane, and who believes that this is all the Federal Reserve’s fault.

“‘The Fed has got to do something!’” he raged on Twitter, quoting the leading lights at Fox. “‘The Fed is the Central Bank of the United States, not the Central Bank of the World’…. The Federal Reserve acted far too quickly, and now is very, very late. Too bad, so much to gain on the upside!” He continued:

After cutting rates for the first time in more than a decade last month, citing weak manufacturing and business-investment data due to trade-war fears, Wall Street has predicted that the Fed will slash rates at least twice more before the end of the year. If that happens, it’ll largely be because Trump drags his good and easy to win trade war out until at least 2020. Unfortunately, economists believe it may be impossible to avoid a global downturn, regardless of what the Fed does or how much the president verbally abuses Jerome Powell.

“With U.S.-China trade uncertainty lingering, investors are increasingly selling first and asking questions later,” Alec Young, managing director for global markets research at FTSE Russell, told Bloomberg. “The only thing seemingly capable of reversing the volatility is credible evidence global growth is bottoming out. That seems too much to hope for right now.”