Gold prices extend gains as dollar sags after Donald Trump remarks

21 August, 2018, 19:40 | Author: Regina Silva

It followed reports earlier in the day that Trump had criticised Powell at a private GOP fundraiser.

"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.

After leaving its policy interest rates at historic lows for about six years after the 2008 global financial crisis, the Fed began slowly raising rates again in late 2015.

Trump told Reuters that he was "not thrilled" with Powell, who he appointed to lead the Fed and that the bank should do "what's good for the country" by holding off on rate hikes.

For the second time in a month, President Trump publicly expressed his displeasure with the Federal Reserve raising interest rates, saying that it should be more accommodating to economic growth.

"He's done this before. he's a bit of a critic of the tightening of interest rates".

Critical comments by U.S. President Donald Trump about the country's central bank held back some stocks on Tuesday, while the dollar fell for the fourth consecutive day in its worst spell since March.

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The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the USA experiences record low unemployment and stable inflation. The minutes are expected to indicate the Fed's confidence in US economic growth and commitment to further interest rate increases. "The other countries are accommodated", Trump said. "This can only happen to Trump", the president reportedly joked.

"However he just wants the headline figures. he wants the stockmarket to rise but at the same time he's accusing the European Union and China of manipulating their currencies".

A Fed spokesman declined to comment on Trump's remarks on Monday.

Trump and National Economic Council Director Larry Kudlow have both called on Powell to ease off rate hikes to keep the booming economy growing and dismissed concerns about inflation.

"I'm very concerned, especially given this very divisive and highly politicised environment, that bringing the Fed into that environment could complicate the Fed's communications [to the public], its support in the Congress and among the American people", said Donald L Kohn, who spent 40 years at the Fed and retired as its vice chairman in 2010. "And I think the euro is being manipulated also", Trump said.

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