Trump calls Federal Reserve his 'biggest threat'

Trump calls Federal Reserve his 'biggest threat'

Mr. Trump said Tuesday in an interview with Fox Business Network that he views the Fed as his "biggest threat", criticizing Chairman Jerome Powell and other Fed officials for moving "too fast" to raise interest rates. "I put (Powell) there".

Trump has blamed the market's big sell-off on rising rates and has described the Fed as being "out of control".

President Trump has recently renewed criticism of the Fed and its interest rate hikes.

Those remarks came in a week when the stock market, which Trump has often cited as a barometer for his stewardship of the economy, was plunging.

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.

The meeting took place three weeks ago - before last week's global market meltdown that saw stocks and bond prices hit sharply amid jitters over rising U.S. rates and the U.S. trade war with China.

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At 0640 GMT the rand was 0.26% weaker at R14.2900 per dollar, having risen to R14.1050, its best since 1 October, as the NY session kicked off before the release of the Fed minutes breathed life back into the greenback rally.

Inflation rates hit a six-year high in July.

The Dow Jones industrial average on Wednesday fell 91.74 points, to 25,706.68.

Late last week, Treasury Secretary Steven Mnuchin said that despite Trump's attacks on the Fed, the president respects the central bank's independence.

President Donald Trump's unhappiness with the Federal Reserve for hiking interest rates seems to be having little sway with policymakers.

Key U.S. economic data to watch today includes the Philadelphia Fed Manufacturing Index, the Conference Board's Leading Index and Weekly Unemployment Claims. Despite his criticism of the Fed's policymaking, Trump's picks have been seen as representing the mainstream of economic thinking about how a central bank should manage interest rates. "No one wants the president to opine on the Fed. There's a couple of other people there that I'm not so happy with, too, but for the most part, I'm very happy with people".

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