The rand climbs as dollar hit by Trump Fed comments

Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Powell.

Trump selected Powell for the job past 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.

In an interview with Reuters, Trump said he is "not thrilled" with Fed Chairman Jerome Powell for raising interest rates, arguing the central bank should do more to help the usa economy.

Last month he allowed as how he wasn't "thrilled" about the interest rate hikes the Fed was undertaking under the stewardship of his appointee Jerome Powell, but said "I'm letting them do what they feel is best". Trump went on to say he wanted more help for the economy from the Fed.

Trump has attacked the Fed for raising rates in the past.

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

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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". The Chicago Cubs co-owner Todd Ricketts, Commerce Secretary Wilbur Ross, Treasury Secretary Steven Mnuchin, and the White House adviser Jared Kushner were also there, according to Bloomberg.

At the time being, seems that Trump's criticism overshadowed US-China trade war effects on Fed's decision for speculative interest, but the Minutes will likely answer questions on the second, rather than on the first. In July, the president bashed the rate hikes during an interview with CNBC but also praised Powell as a good person.

In developed economies, central banks are independent of political control. They'll be closely watching this week's Jackson Hole symposium for clues on monetary policy, and for any response from Powell to the American president's comments.

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. Economists said the pressure helped create the stagflationary economy of the 1970s.

But that stands in contrast with the president's own words, which are often very critical of Powell and suggest the Fed should be moving in a different direction. What is puzzling about Trump's comments, of course, is the fact that he specifically selected Powell to replace Janet Yellin as Chairman of the Federal Reserve Board and that he presumably did so knowing full well what Powell's record actually was.

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