President Trump Raises Attacks On The Federal Reserve's Chairman

28 October, 2018, 07:42 | Author: Mary Valdez
  • Are Trump's attacks setting up the Fed to take the fall for a slowdown ahead of reelection bid

"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", Trump tweets.

President Trump discusses the midterm elections, the Fed's interest rate hikes and why USA economic growth will help bring people together.

All the more so as Trump lobs increasingly pointed criticism at the Fed and its interest rate increases, which began under Yellen and have continued under Powell, her Trump-appointed successor. Trump also seemed irritated that during former President Obama's tenure in the White House, interest rates hovered near zero.

"I'm not happy about that", he said at a press conference in NY. "I believe that some further gradual adjustment in the federal funds rate will be appropriate".

Even when investors disagree with interest rate hikes, no one wants the president publicly bashing the fed.

"A business that's doing badly always likes to blame Trump and the tariffs because it's a good excuse for some incompetent guy that's making $25 million a year", Trump said.

The president may be trying to cast the Fed as a scapegoat with just two weeks to go before elections that will determine whether Republicans maintain control of Congress.

"Everyone should be allowed to criticize us and question whether or not we are undertaking the right actions", Chicago Federal Reserve bank President Charles Evans said earlier this month.

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Mr Trump said the Fed poses the biggest risk to the United States economy, adding that higher interest rates would slow growth and add to the national debt.

"Every time we do something great, he raises the interest rates", Trump said, adding that Powell, "almost looks like he's happy raising interest rates".

When asked about what is the biggest risk to the economy, Trump answered: the Fed. He said that could change if the data move and inflation turns lower.

Economists have generally given Powell high marks on his performance, arguing the Fed is acting wisely by gradually returning monetary policy to normal levels after the worst recession in 75 years.

The Fed raises rates by a quarter percentage point.

"Both markets and the consensus are still underestimating just how quickly the economy is likely to lose momentum next year, as the fiscal boost fades and monetary tightening bites". His confirmation helped fill the ranks on the Fed's Board of Governors, which was operating with three out of potential seven members.

Indirectly, the U.S. president can gradually change the composition of the policymaking board with successive appointments, picking candidates that favor lower rates and looser policy.

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