Gold prices extend gains as dollar sags after Donald Trump remarks

Gold prices extend gains as dollar sags after Donald Trump remarks

Meanwhile, Trump also said he did not expect much progress from trade talks with China this week in Washington.

The dollar was under further pressure today after President Trump criticised the Federal Reserve and threatened to deepen his trade dispute with China.

The benchmark US interest rate, which plays a large role in setting borrowing costs for mortgages, credit cards, small businesses and auto loans, has roughly tripled since Trump was sworn into office past year.

Trump nominated Powell and was told by key advisers that Powell would not move aggressively to raise interest rates.

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

President Trump used an interview to take the Federal Reserve and its chairman to task on Monday.

Trump selected Powell for the job previous year from a short list of several prominent central bankers, praising Powell for his "wisdom" and "leadership" skills when he nominated him formally in November. Trump told Reuters, referencing Powell.

The Federal Reserve operates independently of the government, as it is sometimes compelled to make interest-rate decisions that are meant to be good for the economy in the long run but that may be politically unpopular.

Van Dijk explains how Liverpool will succeed this season
Van Dijk deserves his plaudits, but he also needs to sustain his success and form at Liverpool like Vertonghen has at Tottenham. I saw that in the warm-up from [Wayne] Hennessey practising and thought, wow, this is going to be really hard .

Brennan May Consider Legal Action After Security Clearance Stripped
Trump done and is doing, and is bringing the country down on the global stage", he said. Trump connected Brennan and the Russian Federation investigation again Monday morning.

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Major sporting events around the world are known to bring increased business to prostitutes in the locations where they are held. The Philippines also won a bronze in the event after losing to South Korea 7.110-8.020 in the semifinals.

Trump has, however, made reducing US trade deficits a priority, and the combination of rising interest rates and a strengthening dollar poses risks for export growth.

Presidential meddling in monetary policy has a troubling history, most notably President Richard Nixon's insistence that the Fed keep interest rates low ahead of the 1972 election. He urged the Fed to avoid doing anything that could slow economic growth. Two, comments like these will produce diminishing returns for the president.

Corker said, based on his discussions with Powell last week, "I'm certain they're going to continue to be independent and do whatever they feel is appropriate".

Trump has also publicly criticized Powell several times this summer and reportedly did so again Friday at a GOP fundraiser in NY, saying he thought the chairman would support "easy money".

There are a total of seven governors on the Fed Board, all of whom have a vote on setting interest rates, and Trump still has one remaining vacancy to fill should his current slate of nominees win approval from the Senate. "You know, a lot of people beat up on the Fed".

Donald Trump's remarks are the most personal criticism of Jerome Powell's performance so far.

President Donald Trump is chastising the Federal Reserve chairman yet again.

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