Trump (Again) Expresses His Displeasure with Federal Reserve Raising Interest Rates

22 August, 2018, 02:23 | Author: Martin Tyler
  • Wall St. rises on trade optimism pares gains after Trump Fed commentsMore

"The other countries are accommodated". Against the Swiss franc CHF=, the dollar weakened to its lowest since July 9, last at 0.987.

The Fed is raising rates in an effort to keep prices stable and to prevent the economy from overheating, but Trump has complained the increased rates are obstacles to economic growth.

Since Trump took office, the Fed has raised rates five times, including twice this year under Powell.

The president spoke to Reuters in an exclusive interview, the newswire said.

Trump selected Powell for the job past year from a short list of several prominent central bankers, praising Powell for his "wisdom" and "leadership" skills when he nominated him formally in November.

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The criticism comes after a private Republican fundraiser on Friday, during which Trump reportedly attacked Powell's interest-rate hikes.

The Federal Reserve last raised interest rates in June, when it signaled that it could raise them two more times this year.

Almost eight in 10 economists believe the Fed's interest rate policies are "about right", according to a survey released Monday by the National Association for Business Economics.

Asked on Monday if he believed in the Fed's independence, Trump said: "I believe in the Fed doing what's good for the country."

Most analysts think that Trump's criticism will have little effect on the Fed's rate-hike plans, given the US central bank's legal independence.

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The Fed declined to comment, but former Fed officials expressed alarm at Trump's repeated criticism.

FILE PHOTO: U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. "So I would hope the president would refrain from making comments like that".

There are a total of seven governors on the Fed Board, all of whom have a vote on setting interest rates, and Trump still has one remaining vacancy to fill should his current slate of nominees win approval from the Senate.

"What Trump is anxious about is that the Fed has, in my own words, growth phobia", Stephen Moore, a Republican economic commentator who advised Mr. Trump during the 2016 presidential campaign, told the Wall Street Journal. "You know, a lot of people beat up on the Fed".

Other members of the committee appeared to brush off Trump's recent comments.

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