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Trump complains about interest rate rises

22 August, 2018, 13:52 | Author: Melinda Barton
  • Comex Gold

US government bonds fell Tuesday as investors and analysts assessed whether President Trump's concerns about the Federal Reserve's moves to increase interest rates have potential to alter the path of monetary policy.

Only once short-term rates reach a "neutral" level where they are neither stimulating nor braking the economy should the central bank potentially stop raising rates and figure out what to do next, Dallas Fed President Robert Kaplan said in an essay.

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. 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.

"Presidents have always made comments on how they think economic policy should be made, and I've not heard any effort by the president to try to interfere", said Senate Banking Committee Chairman Mike Crapo (R-Idaho).

Presidents usually avoid criticizing the central bank, which is created to be independent from political interference.

Trump is with his own appointee, Chairman Jerome Powell, for raising interest rates and said the US central bank should do more to help him to boost the economy. Last month he allowed as how he wasn't "thrilled" about the interest rate hikes the Fed was undertaking under the stewardship of his appointee Jerome Powell, but said "I'm letting them do what they feel is best".

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".


The US dollar index, which measures the greenback against a basket of six major currencies, is down 0.19% to 95.55. Mr. Trump also criticized Ms. Yellen as a presidential candidate in 2016, saying she should be "ashamed of herself" for keeping interest rates low.

This would not be Trump's first criticism of Powell and the Fed.

With the federal interest rate climbing twice this year, the organization has planned two more quarter-point rate hikes in 2018 and three more in 2019.

A Fed spokesperson declined to comment.

Presidents have historically avoided commenting on Fed policies.

When asked if he believed in the Fed's independence, he refused to say yes, telling the reporter: "I believe in the Fed doing what's good for the country".

Financial market analysts doubt current Fed policy makers are likely to be cowed by Trump's outbursts over their policy choices. "You know, a lot of people beat up on the Fed".

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