Published: Wed, August 22, 2018
Money | By Michele Stevens

Trump demands Fed help on economy, complains about interest rate rises

Trump demands Fed help on economy, complains about interest rate rises

With the US economy at full employment and inflation at the Federal Reserve's 2 percent goal, the USA central bank should press on with its plan for gradual interest rate hikes at least for the next nine to 12 months, a policymaker said on Tuesday.

On Monday, Mr Trump said he was "not thrilled" that...

On inflation, no big surprises are expected: the central bank will likely reiterate that the monetary policy will remain "accommodative" as inflation continues progressing toward Fed's 2.0% target, with fluctuating levels around it not being a big concern at the time being.

"I take comfort from Trump's nominations so far", said James McCann, senior global economist for Aberdeen Standard Investments. "And I think the euro is being manipulated also", Trump said.

The Federal Reserve operates independently of the government, as it is sometimes compelled to make interest-rate decisions that are meant to be good for the economy in the long run but that may be politically unpopular.

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Trump, who spooked investors in July when he criticized the US central bank's monetary policy tightening, told Reuters in an interview that he believed the Fed should be more accommodating.

Trump used the phrase "not thrilled" on Monday to describe his reaction to rate hikes under Fed Chair Jerome Powell who Trump selected for the job six months ago.

Powell also told Scott, according to the lawmaker, "that the president has not weighed in with him at all on interest rates whatsoever, or on any role the Fed has".

"It would appear that Mr. Trump would like to keep the US dollar a little on the weak side in order to remain competitive", said CMC Markets chief markets analyst David Madden.

Since Trump took office, the Fed has raised rates five times, including twice this year under Powell.

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"I should be given some help by the Fed", Trump said.

But with Turkish markets closed for a religious holiday and anticipated talks between the United States and China seen lowering the temperature of the dispute, Trump's central bank comments were the main catalyst.

"I am not happy about it".

The criticism comes after a private Republican fundraiser on Friday, during which Trump reportedly attacked Powell's interest-rate hikes. The president does choose members of the policy-setting Fed Board, and in addition to Powell, he has appointed one Fed governor and nominated three others.

The President made the comments during an interview with Reuters.

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These increases, Trump has told advisers, could harm economic growth, making it more expensive for companies and homeowners to borrow money. "I'll let you know in seven years".

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