President Donald Trump has long been critical of the Federal Reserve and Chairman Jerome Powell. So it's no surprise that the president once again aired his thoughts on Twitter Tuesday amid wild market swings.

The central banks "must be a leader, not a very late follower, which it has been," Trump added in a follow-up tweet.

The Fed cut interest rates by a half-percentage point last week, in its first unscheduled monetary policy action since the financial crisis. Given decent economic growth and a strong labor market, with unemployment near a 50-year low, the rate cut has widely been considered another "insurance" cut.

That said, the market expects rates will come down further. The CME's FedWatch Tool shows a near-60% chance of another half-point cut at next week's regularly scheduled Fed meeting.

Last year, the Fed cut interest rates three times to stave off negative effects from the US-China trade war.