Trump's rant on interest rate rises depresses dollar

22 August, 2018, 13:55 | Author: Lora Ball
  • Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

In an interview with Reuters, Trump said he is "not thrilled" with Fed Chairman Jerome Powell for raising interest rates, arguing the central bank should do more to help the us economy.

The president told Reuters on Monday that he wasn't "thrilled," this time singling out Federal Reserve Chairman Jerome Powell. Next time he mutters veiled threats against the Fed, some real turbulence could ensue. "The other countries are accommodated".

While many USA presidents have chafed at the Fed's inclination to increase rates and curb inflation, few if any have been as outspoken as Trump in their criticisms of the US central bank.

Atlanta Fed President Raphael Bostic said on Monday he was maintaining his expectation for one more interest rate hike this year, as trade tensions and worldwide events add some downside risk to an otherwise strong United States outlook.

Kaplan's comments, though they did not directly address Trump's remarks, underscore the Fed's view that raising rates, as Kaplan put it, "will give us the best chance of managing against imbalances and further extending the current economic expansion in the U.S". In July, the president's criticism of the Fed also caused the dollar to weaken.

The nine-year rally has been underpinned by ultra low interest rates and central banks' quantitative easing programmes, earning it the nickname of the most hated bull market on Wall Street.

President Donald Trump continued to blast the Federal Reserve's recent interest rate hikes in an interview Monday, days after complaining about Federal Reserve Chairman at a private GOP fundraiser.

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President Trump is preparing to slap import duties on a further $200 billion of Chinese goods, meaning that his sanctions would cover almost half of imports from the country.

"Forgetting his comments, adding fiscal stimulus this late in the cycle is ... unusual, and probably makes the job more complicated for the Fed", he said.

"I am not happy about it".

Trump's criticism may have overshadowed trade war concerns, but not for Fed's officers.

Powell is a gentleman and will likely hold his tongue, but don't dismiss a future response if Trump's tantrums continue in time. Trump obviously should have been aware of all of this when he appointed Powell, so for him to express surprise or regret at the fact that his appointee is following a policy he has supported from the beginning and which he and the other members of the Board of Governors have adhered to since he took office.

These increases, Trump has told advisers, could harm economic growth, making it more expensive for companies and homeowners to borrow money. "You know, a lot of people beat up on the Fed".

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