Wall St falls as investors eye a united hawkish Fed

Treasury Secretary Steve Mnuchin right says the president respects the central bank's independence

Treasury Secretary Steve Mnuchin right says the president respects the central bank's independence

In minutes from last month's central bank rate-setting meeting, which unanimously agreed a third rise of the year, policymakers said further rate hikes "would most likely be consistent" with current economic indicators.

"I really think it is not a desirable thing for a president to comment so explicitly on Fed policy", she said. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. The minutes revealed a hawkish tilt, with the Committee appearing increasingly confident that interest rates will eventually need to be pushed above the level which they consider "neutral".

A better-than-expected retail sales print on Wednesday soothed fears Africa's most industrialised economy was still wallowing in recession, and mining production figures due at 0900 GMT will be watched for further signs of recovery. Recession risks are low, he said, adding "all the indicators now are for a strong economy for a significant period into the future".

(Those five now outnumber the four Fed governors.) The president's direct control of seven seats, out of a maximum of 12 on the committee, means he could conceivably pack the Fed board with interest rate "doves" and ultimately get his way on low rates-although that would take time, given the realities of the Senate-confirmation process.

Despite Trump's criticism, CNN reported that members at the most recent Federal Reserve meeting argued for continuing with the plan of raising the rate once more in December.

NO: Reflecting strong momentum and the additional boost from tax cuts, the US economy does not need extra stimulus from monetary policy.

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It's not Democratic resistance movements or an ongoing Russian Federation probe that worries President Trump-it's the Federal Reserve.

Participants in the Fed's rate-setting committee also "generally anticipated that further gradual increases" in short-term borrowing costs "would most likely be consistent" with the kind of continued economic expansion, labor market strength, and firm inflation that majority are anticipating, the report said.

The Fed hiked short-term interest rates three times this year and plans to do so again before 2019. Focus on the United States economy will be increasingly on signs of inflation and wages picking up in determining the path of future monetary policy next year and beyond, the report added.

"I'm not happy with what he's doing", said Trump in his interview with Fox Business on Tuesday, referring to chairman Jerome Powell, who was appointed by Trump previous year.

"I would presume if the president tried to do this, Congress would respond pretty vigorously", he added. Along with low unemployment, inflation is roughly at the Fed's 2 percent target. This was less than a year after the Fed ended the QE program.

Presidents can only remove a Fed board member "for cause" beyond policy disagreements. At that point, the policy rate would be at 3.4 percent, according to the median of Fed officials' individual forecasts.

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