Donald Trump: I’m Not Thrilled by Federal Reserve Raising Interest Rates
20 Julio, 2018, 09:40 | Author: Arnold Perez
"I don't necessarily agree with it, and I must tell you I don't, I'm not thrilled", Trump said in an interview with CNBC.
Fed officials have penciled in two more hikes this year. Higher interest rates mean higher borrowing costs for consumers and higher mortgage rates. Eventually Burns relented, aiding Nixon but also helping to feed runaway inflation that dogged the US economy for almost a decade.
The Fed has been set on a slow and steady path of interest rate hikes over the past two years, leading economists to wonder if the central bank could tamp down some of Trump's promised economic growth. Sure, non-presidents can and often do grouse about the Fed.
The Fed's dual mandate is to maximize employment and stabilize prices.
The Fed slashed short-term rates to near zero in the wake of the 2008 financial crisis. That policy drew rebukes from many Republican lawmakers.
"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said.
"I'm not thrilled", he said in the interview with U.S. business network CNBC.
Outside of his comments on the Fed, Trump touted the rising US dollar as superior to the euro and China's renminbi, which are dropping.
White House spokeswoman Lindsay Walters said in an emailed statement that the president "respects the independence of the Fed", adding that his views on rates "are well known and his comments today are a reiteration of those long-held positions".
Speaking about Fed policy in his interview with CNBC, Trump said he is "letting them do what they feel is best". "Looking ahead, my colleagues on the FOMC and I expect that, with appropriate monetary policy, the job market will remain strong and inflation will stay near 2 percent over the next several years" said Powell in prepared congressional testimony on the central bank's semi-annual Monetary Policy Report on the USA economy Tuesday.
"This is such a risky thing for the Fed, and for the president, and for central bank independence", said Peter Conti-Brown, a Fed historian at the University of Pennsylvania's Wharton School. Given Trump's recent Fed picks, this doesn't appear to be the case.
This is not the first time Trump has targeted the Fed. But he also told CNBC during the campaign that he is a "low interest-rate-person".
Past efforts to apply political pressure on the Fed have sometimes hurt the economy.
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