Trump escalates his war with the Fed

21 July, 2018, 18:26 | Author: Wade Massey

"The United States should not be penalised because we are doing so well", Trump tweeted.

A top Federal Reserve official, meanwhile, warned the trade war could hurt the United States economy. "The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals". Debt coming due & we are raising rates - Really?' Trump wrote.

U.S. President Donald Trump on Thursday told CNBC in an interview that he was "not thrilled" about the U.S. Federal Reserve's decision to hike interest rates, according to the television network.

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President Donald Trump criticized the Federal Reserve's interest-rate increases, breaking with more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the USA central bank.

His comments drew concern that Trump was trying to put political pressure on the Fed.

Former President Richard Nixon was criticized for bullying the Fed into keeping interest rates low, pressure that led to debilitating inflation.

President Trump looks on as his nominee for Federal Reserve chairman, Jerome Powell, takes to the podium at the White House on November 2.

I put a very good man in the Fed.

"I am not happy about it", the president said. I want them to do well.

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He added: "I'm ready to go to 500". The Fed has been independent from political interference during its existence, so comments direct as these will undoubtedly stir debate.

The rare rebuke was likely to stir a backlash as it broke with the long-established practice of the executive branch not commenting on the Federal Reserve's decisions out of respect for its independence.

The Fed has raised interest rates five times since Trump took office in January 2017, extending the campaign it began in 2015.

The Fed last raised borrowing costs in June. I don't necessarily agree with it because he's raising interest rates, I'm not saying I agree with it, and I don't necessarily agree with it, I must tell you I don't.

"I don't want them to be scared".

Against a basket of other currencies.DXY, the dollar was 0.6 percent weaker at 94.565, just below the one-year high of 95.62 it reached in the previous session.

Whether Fed chair Jerome Powell listens is another question.

Powell declined to comment when approached by a reporter in Buenos Aires, as he prepared for weekend meetings with finance ministers and central bankers from the Group of 20 economies.

Trump regularly claims that his policies, especially tax cuts enacted by Congress last December, have created jobs and economic growth.

Following the financial crisis, the U.S. indirectly used low interest rates to keep the dollar low, he said. Its rate hikes are meant to prevent the economy from overheating and igniting high inflation.

Trump's comments came shortly after CNBC aired an interview with the president in which he bashed the Fed's planned rate hikes.

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