Violating Yet Another Norm, Trump Attacks The Federal Reserve

Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

The dollar dipped on Tuesday in Asia after Donald Trump hit out at the Federal Reserve's interest rate rises and accused it of not backing his economic plan, while most equity markets edged up ahead of highly anticipated China-US trade talks.

Atlanta Fed President Raphael Bostic said on Monday he was maintaining his expectation for one more interest rate hike this year, as trade tensions and global events add some downside risk to an otherwise strong USA outlook.

Treasury Secretary Steven Mnuchin recently told reporters that he had personally spoken to Trump about the central bank and that the president respects the independence of the Federal Reserve.

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.

The minutes also gave an indication the Fed was preparing to debate once again how best to implement its monetary policy, including what to do with its swollen balance sheet. Trump said to Reuters about Powell.

The Reserve Bank held its benchmark rate for a fifth meeting in a row in July but warned it was ready to tighten policy despite the weak economy in response to rising rand-driven inflationary pressures and offshore volatility.

Trump, who also criticized the Fed as a candidate for president in 2016, said other countries benefited from their central banks' moves during tough trade talks, but the United States was not getting support from the Fed. Instead, Mr. Powell has continued Ms. Yellen's pace of gradual return to historically normal rates, by raising rates twice this year. According to Bloomberg, Trump said he expected Powell to be what the news service said was a "cheap-money Fed chairman".

Kohn said he didn't think Powell or the Fed would change their course because of Trump's remarks. In a confirmation hearing previous year, shortly after Mr. Trump nominated him to the position, he told senators he expected the Fed to continue raising interest rates in the near term.

"I am not happy about it".

Trump has no say over the choice of the 12 regional Fed presidents like the Dallas Fed's Kaplan. Trump said to Reuters about Powell. He took on the job earlier this year; his term expires in 2021.

The Fed has been gradually raising interest rates since the end of 2015, with five hikes coming under Trump.

After sliding to a two-year low of 15.70 last week as the Turkish crisis triggered a broad flight from emerging markets, the rand has regained some ground, advancing around 8% in the last seven days as the greenback's rally faltered.

"We're going to do our business in a way that's strictly non-political, without taking political issues into consideration, and that carries out the mandate Congress has given us", he said.

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