Trump rips Fed again for hiking interest rates

23 July, 2018, 11:43 | Author: Regina Silva
  • Powell Trump Federal Reserve

Here's a breakdown of how Trump's trade fight is starting to take its toll.

US crude CLcv1 was last off 14 cents at $68.12 a barrel after posting its third straight weekly loss.

The dollar index turned negative following the release of Trump's remarks, which were excerpted from a longer interview due to air Friday morning. Over the same period, while now trading at around US74¢, or roughly the same levels at which it started the month, the Australian dollar has bounced between US73¢ and US75¢ while remaining relatively stable against the renminbi.

The U.S. dollar index cut its gains after Trump's comments that the strong dollar "puts us at a disadvantage", while yields on U.S. Treasury securities hit session lows. "In fact, an argument can be made that the President's comments may skew the Committee in a hawkish direction: if a decision is a close call then the appearance of kowtowing to the President may bias them toward raising rates". It's not the only influence - the dollar is still moved by domestic economic and financial data, which have been relatively positive - but it is of outcome.

During a CNBC interview on Friday, President Donald Trump has said that he's "not happy" with the Federal Reserve raising interest rates, and that he thinks doing so undermines any work he does for the economy.

That could help China's huge export industry cope with new United States tariffs, as it makes Chinese products cheaper for buyers who pay in dollars. But currency devaluation also makes imports more expensive.

Trade discussions aimed at defusing tensions between the USA and China have stalled, and Treasury Secretary Steven Mnuchin said the US would only be willing to get back to the table if China agrees to deepen structural changes to its economy. In return, China levied taxes on the same value of US products.

"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said in a radio interview last week with "Marketplace".

"One of the hallmarks of our great American economy is preserving the independence of the Federal Reserve". They have been quite successful in doing that. More than 70 percent of Republican and Republican-leaning USA adults believe increased tariffs between the United States and its trading partners will be good for the country, according to a Pew Research Center survey released late Thursday.

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However, analysts said China may be willing to allow further depreciation as the trade war rumbles on. That could in turn boost an economy that posted its slowest growth rate in almost two years - 6.7% - in the second quarter. -China trade tensions and supply increases. The trade war exacerbates those issues.

The US dollar lost ground against rival currencies following the comments.

St. Louis Federal Reserve Bank President James Bullard said on Friday the Federal Reserve would remain unaffected by Trump's comments on USA monetary policy.

After the interview, Trump reiterated criticism of the Federal Reserve's planned interest-rate hikes, posting on Twitter that the tightening policy would diminish any USA trade advantage and exacerbate losses from "BAD trade deals".

"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge".

The Australian dollar will be a good barometer of the intensity of the hostilities.

Trump may look to get the European Union on the defensive ahead of Wednesday's meeting, which could mean delivering on the threat of tariffs on European Union vehicle imports into the U.S, such a move likely to hit the Euro hard.

Australia is a largely innocent bystander in the trade wars but could be badly hurt if the giants do collide.

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