Trump Won’t Acknowledge the Independence of the Fed

Donald Trump's remarks are the most personal criticism of Jerome Powell's performance so far

The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the US experiences record low unemployment and stable inflation.

US presidents rarely criticise the Fed, whose independence is considered essential to economic stability.

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

The dollar was under further pressure today after President Trump criticised the Federal Reserve and threatened to deepen his trade dispute with China.

Beyond criticizing the Fed for raising rates, there's little Trump can do about it.

Powell took over as Fed chief earlier this year. Less than a year later, he is calling into question Powell's stewardship of the economy. Trump has abandoned that tradition this year, though his advisers have said the president is simply stating his opinion.

Trump told Reuters in an interview on Monday that he was "not thrilled" with Jerome Powell's rate hikes and said the usa central bank should do more to help him to boost the economy.

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"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'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. Tim Scott last week, said he had not spoken to President Trump about interest rates and would remain independent from political interference, the Republican senator said.

Trump has also publicly criticized Powell several times this summer and reportedly did so again Friday at a GOP fundraiser in NY, saying he thought the chairman would support "easy money".

"I don't see their (the Fed's) actions as being particularly affected by all this", he said.

The Fed has raised interest rates twice this year already and is expected to do so again next month with consumer price inflation rising to 2.9 percent in July, its highest level in six years, and unemployment at 3.9 percent, the lowest level in about 20 years.

Wall Street analysts near universally expect the Fed will raise rates at its next meeting at the end of September.

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