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.

Gold Box Office collections: Akshay Kumar starrer picks up pace during weekend
Although it opened with a bang on Wednesday (Rs 25. 25 crore ), it witnessed a substantial dip on the second day (Rs 8.10 crore). Gold now stands at 75.30 crore* and the pace at which it is going, the 100 crore mark would be reached in the second weekend.

"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.

Related News:



Most liked

Officials warn again of air health in smoky Seattle
Smoke concentrations may vary widely across the region, depending on the wind, the temperature, and wildfire activity. The air quality in parts of Seattle is now worse than Beijing, according to the US Environmental Protection Agency.

Trump defends ex-aide Manafort as jury considers verdict
Federal prosecutors allege Manafort hid tens of millions of dollars in foreign income. The trial carries major implications for the future of Mueller's investigation.

Kylie Jenner & Travis Scott Looked Bored AF During Jennifer Lopez's VMA Performance
During an electrifying performance from the World Trade Center subway station in New York City, Her Majesty served up a medley of Queen cuts.

Big Ten places five teams in top 15 of AP preseason poll
This also represents the 60th time that Oklahoma has appeared in the preseason AP poll, second most behind Ohio State (65 times). As expected, Alabama will be No. 1 to begin the year in the preseason poll, which the AP released Monday.

Asia Argento Denies Sexual Assault Allegations, Says Anthony Bourdain Paid Off Accuser
At the time Argento was romantically involved with celebrity chef Anthony Bourdain , who killed himself in June. The actress has become a prominent voice in the #MeToo movement against sexual assault and harassment.

The Hills Revival Official at MTV
It's not likely, seeing as she is now busy being a mother to son Liam, 1, and running her lifestyle business. A trailer has also been released, revealing that the new series is called The Hills: New Beginnings.

What they're wearing on the MTV VMAs 2018 red carpet
Halsey explained on Twitter why she didn't attend the 2018 MTV Video Music Awards on Monday (August 20) in New York City. The singer also won the Best Pop Video award for No Tears Left to Cry . "I had a baby. and now I'm still winning awards".

Roger Federer vs Novak Djokovic: Cincinnati Masters final preview and prediction
Like Djokovic, she's never won the title, losing both of her chances, including the title match a year ago to Garbine Muguruza . After losing his serve, Djokovic bashed his racket on the court three times, sending pieces of the frame flying.

Strong quake jolts Indonesian island of Lombok
Many people were already staying in tents following the deadly quake in early August and its hundreds of aftershocks. The quake also was felt in the neighboring islands of Bali and Sumbawa. "Everybody ran outside their house".

Sarri does away with Conte's rigid match preparations
Chelsea will look to build on their impressive start to the season when they welcome Arsenal to Stamford Bridge on Saturday evening .

Omarosa proves the Trump family tried to buy her silence with this
The Omarosa-Trump conversation could be read as a President out of the loop with what his administration is doing. A conversation recorded in what is supposed to be the " most secure" room in the world, The Situation Room.

Billy Joe Saunders pokes fun at Deontay Wilder Nando’s brawl
Asked for a message for 30-year-old Fury, Wilder said: "Be ready". 'When I read them, I thought you can't be saying that. Surrounded by hundreds of fans, Fury and Wilder went back and forth much to the delight of the pro-Fury crowd.

Ariana Grande Pays RESPECT To Aretha Franklin With Moving Tribute
TMZ said that initially Ariana told them she couldn't do it because she was too emotional in the wake of Franklin's death. Musician Jon Batiste said the parade of music and cultural pioneers shaped a young Aretha Franklin .

Turkish lira tumbles to 5.86 over threat of more USA sanctions
Turkey sent troops into northern Syria two years ago to fight against the Kurdish People's Protection Units (YPG). Treasury chief Steve Mnuchin said the U.S. could put more sanctions on Turkey if the pastor is not released soon.

Thousands line streets for funeral of late Indian leader
Many of them would never have visited the BJP headquarters otherwise. Former Afghan president Hamid Karzai was also among the mourners.