I don't like Fed raising interest rates so quickly, says Trump

I don't like Fed raising interest rates so quickly, says Trump

"It's a correction that I think is caused by the Fed and interest rates", Trump told reporters.

White House economic adviser Larry Kudlow on Thursday said Trump's opinions had no weight on the Fed's actions.

U.S. presidents have rarely criticised the Fed in recent decades because its independence has been seen as important for economic stability.

One of the reasons for the meltdown in US equities is uncertainty about hiking the US Federal Reserve rates. Three have PhDs in economics and three have law degrees. "But I think the fed has gone insane".

"When you talk about economies, our economy is far better than that". "The biggest boost for corporate earnings this year has been the biggest corporate tax cut in history".

It was at least the third time that the president has criticised Fed policy since taking office.

Though Trump said he objected to the Fed's continual rate hikes, he said in response to a question that he would not seek to oust the chairman. "They're raising rates and it's ridiculous". These forces mean Americans will be paying more to buy staples and facing higher borrowing costs to purchase a home or vehicle or invest in a business. This implies they now see a greater possibility that growth and short-term interest rates could surprise by rising faster than forecasters now project.

Raising interest rates was justified "for those economies that are showing much improved growth, inflation that is picking up... unemployment that is extremely low", Lagarde told a press briefing in Bali, Indonesia where the International Monetary Fund is holding its annual meeting.

Powell and Trump haven't personally discussed the matter, the Fed chair has said, but Trump's rhetoric has alarmed some Democrats and Republicans on Capitol Hill.

Powell wants the Fed to be immune to political considerations.

JPMorgan Chase's worldwide chairman told CNBC that it's "not a good idea for the president to get into these details", because the bank "is a very professional entity".

"We know the Fed is independent", Kudlow said.

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'And we just try to do the right thing for the medium and longer term for the country'. "I think what they're doing is wrong", Mr. Trump said.

There also hasn't been a trade war on this scale since the 1930s, nor has the Federal Reserve ever attempted to lift rates from near-zero levels before.

Leaders of the Fed have indicated that they expect to keep raising their target interest rate to around 3.4 percent by the end of 2020, up from the current level of just above 2 percent.

Stocks have been under pressure since the yield on 10-year US Treasury bonds jumped above three percent last week, a sudden move that raised fears of an overheating economy, speeding inflation and more aggressive Federal Reserve interest rate increases. "That doesn't seem especially surprising".

The Fed, led by Jerome H. Powell, a Trump appointee, is predicting a soft landing.

Treasury Secretary Steven Mnuchin went to Indonesia this week intending to push President Donald Trump's tough stance on China with U.S. allies - but found himself once cast as the administration's defender-in-chief. "They're so tight. I think the Fed has gone insane", Trump said.

In recent memory, no president has been so openly critical of the central bank.

"No, I'm not going to fire him", Trump said. "Where is the inflation that they are fighting?"

The US stock market sell-off last night saw the S&P 500 and the Dow marking their biggest daily declines since February 8 with technology stocks at the centre of the falls.

But for all the stock market palpitations and risks to particular interest-rate sensitive industries, the message to take from the recent rise in interest rates is an unambiguously good one: This expansion may have some life in it yet.

He added, "We have interest rates going up at a clip that's much faster than certainly a lot of people, including myself, would have anticipated".

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