Sunday, 18 November, 2018

Trump steps up attacks on Fed chairman Jerome Powell

Chairman Jerome Powell testifies before a Senate Banking Housing and Urban Affairs Committee hearing on Chairman Jerome Powell testifies before a Senate Banking Housing and Urban Affairs Committee hearing on
Lindsey Cook | 28 October, 2018, 07:44

Trump said in the interview that Powell "almost looks like he's happy raising interest rates" and that is "too early to tell, but maybe" he regrets appointing him. "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.

New Federal Reserve vice chair Richard Clarida on Thursday said he'd support "some further" increase in interest rates as the best way to nurse the current USA recovery along while guarding against any jump in inflation. "They're going to keep keep raising rates", said John Briggs, head of strategy at NatWest Markets.

President Donald Trump in a straight line blamed Jerome Powell, Chairman of Federal Reserve, for menacing the USA economy by an increase in interest rates, as per to The Wall Street Journal.

President Donald Trump announces Jerome Powell as the new chairman of the U.S. Federal Reserve in the Rose Garden of the White House in Washington on November 2, 2017.

The political pressure "will in no way be a consideration as far as I'm concerned", Clarida said.

Asked Wednesday about the president's broadside against the central bank, Sen.

In private remarks at a fund-raiser on Long Island Trump says he expected Powell to be a cheap-money Fed chairman and lamented to wealthy Republican donors that his nominee instead had raised interest rates, according to three people present.

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In his first major policy speech since being seated at the central bank, Clarida expressed his optimism over the USA economy. He joined Trump's other two picks, Powell and Randal Quarles, who now sit on the board with Lael Brainard, an appointee of former President Barack Obama.

This month he has called the Fed "crazy" and a threat to economic growth.

Inflation has increased about two percent this year, in line with the Fed's target, but economists fear growing demand, combined with the tariffs and a labor shortage could ignite price increases. Powell's actions at the USA central bank threaten economic growth, the president says in the interview.

The target range for the federal funds rate, now at 2 percent to 2.25 percent, is nevertheless still low by historical standards.

Trump's criticisms mark a departure from the practices of his recent predecessors.

A president has never fired a Fed chairman before, and Trump has indicated that he has no intention of doing such, though recent comments have investors anxious that he's changing his mind.

"We are not being accommodated", Trump says in an interview with Bloomberg News in the Oval Office.

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