Trump's Fed attack sees United States dollar dive

Comex Gold

Comex Gold

Kohn said he didn't think Powell or the Fed would change their course because of Trump's remarks. Corker - like Scott a member of the Senate Banking Committee - would not divulge details of their private conversation but said he frequently brings up issues related to preserving the independence of the Fed when he meets with people like Powell.

"He's done this before. he's a bit of a critic of the tightening of interest rates".

Almost eight in 10 economists believe the Fed's interest rate policies are "about right", according to a survey released Monday by the National Association for Business Economics.

"If Trump had good information he would focus more on the unwind of the (Federal Reserve's) balance sheet, as the raising of short rates twice this year has not risen long rates, and they are actually lower in yield from the. first raise of the year".

Trump has broken from the majority of Republicans on monetary policy with his support for low interest rates to stimulate the economy.

Trump was displeased with Powell's decision to raise interest rates, according to Bloomberg.

Most analysts think that Trump's criticism will have little effect on the Fed's rate-hike plans, given the US central bank's legal independence.

While not framed as a response to the president, the essay made clear that Kaplan sees Trump's $1.5 trillion in tax cuts and this year's budget deal as helping to drive unemployment down and inflation back to the Fed's 2.0-percent target, a view shared broadly at the Fed.

"The Fed keeps calling for raising rates in a return to "normalcy.' I would argue, with all of the central bank intervention, here and overseas, that there was been no 'normalcy" for nearly a decade".

In his interview, Trump accused the European Union and China of manipulating their currencies, adding that Beijing was weakening the yuan to offset the effects of United States tariffs.

In his Reuters interview, Trump also accused China of manipulating its currency and said there was little hope of progress in the ongoing trade dispute between the two countries in talks due this week. "But I think you have to respect the independence of the Fed". Trump followed up those comments with further complaints on Twitter. "The Federal Reserve is an independent board of governors, and they will be independent".

Trump has no say over the choice of the 12 regional Fed presidents like the Dallas Fed's Kaplan.

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