Trump steps up attacks on Fed chairman Jerome Powell

Trump steps up attacks on Fed chairman Jerome Powell

Clarida defined the current state of policy as "accommodative", even though the FOMC chose to remove the phrase from its statement following its policy meeting last month.

The Federal Reserve Act says the president can remove Fed governors "for cause", but that provision does not apply to the chairman, according to the Journal. Asked about removing him from the post, which comes with a four-year term that started in February, Trump said, "I don't know". Trump has previously called Fed policies "crazy". They explain the interest rate was kept at historic lows under Obama to help the economy recover from the Great Recession, which began about a decade ago.

"Each time you do something well, it goes up the interest rate", said Donald Trump in an interview with the Wall Street Journal, blaming Jerome Powell that he has appointed himself to head the federal Reserve.

Trump accredited that the Federal Reserve is usually independent of political influence, but he still pressed his attacks and seem to view US' present financial performance as a rivalry between himself and former President Barack Obama.

Trump's comments on Tuesday come a week after he described the Fed as his "biggest threat", the Associated Press reported.

Since the end of 2015, after almost ten years of monetary policy rates near zero to support a recovery slow and poor, the Fed has gradually moved the rate of interest in the day-to-day, which are now between 2% and 2.25%. The target range for the federal funds rate, now at 2 per cent to 2.25 per cent, is low by historical standards. The Fed also expects the unemployment rate next year to dip to 3.5 percent - that would be the lowest jobless rate since 1969.

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So far, Trump's verbal salvoes have had no discernible impact on the Fed, which has been sticking to its plan of gradually lifting borrowing costs to levels it considers more appropriate for a healthy, growing economy. But whether the stock market weakness is a result of interest rates, the trade war or something else is nearly impossible to determine.

The 2018 implosion of the Turkish Lira, and 50% rise in the USD/TRY rate, highlights the kind of tantrum markets can throw when they get wind of interest rate policies being set in accordance with the whims of national leaders rather than economic demands.

Stocks jumped on October 25, recovering from prior days' rout. He has broken with longstanding traditions in presidential politics by openly criticising the Fed. But, in the event that Trump actually managed to put a lid on rate hikes, we would probably see asset price inflation, most noticeably in the stock market.

The Fed has raised interest rates three times this year and is expected to do so again before the year ends and three more times in 2019.

The "fundamentals of the economy are very, very solid", with rapid growth and a strong labor market, he said.

He warned, however, that monetary policy operates with a lag, and with inflation presently near the 2 percent goal, it would be important to monitor inflation projections closely, he said.

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