Donald Trump 'not happy' with Fed interest rates

The Fed is now chaired by Trump appointee Jerome Powell, whom Trump described as

In an interview with CNBC's Joe Kernen, US President Donald Trump argued that the Federal Reserve's monetary policy could disrupt the economic recovery that his administration fueled.

Still, President Trump voiced concern that the higher rates and a stronger dollar may put the USA at a disadvantage while Fed counterparts in the Bank of Japan and the European Central Bank keep rates low, maintaining loose monetary policy.

It is unusual for a sitting president to criticize the Federal Reserve, which is an independent body, free to set monetary policy without influence.

The comments raised eyebrows in the U.S., where presidents are expected to avoid criticism of the central bank in deference to its independence.

During the 2016 campaign, Trump was highly critical of the Fed and accused officials of keeping rates at ultra-low levels to favor Democrats.

"Every time you go up they want to raise rates again", Trump complained. "But at the same time, I'm letting them do what they feel is best", Trump told CNBC in a rare rebuke of the Fed by a sitting president.

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president's pick to replace Janet Yellen.


Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018. Eventually Burns relented, aiding Nixon but also helping to feed runaway inflation that dogged the USA economy for almost a decade.

Mr Trump argued that higher rates put the USA at a disadvantage and impede faster growth. He also called Jerome Powell, whom Trump nominated to lead the Fed, a "very good man".

"I'm not thrilled", he said in the interview with U.S. business network CNBC.

"The Fed has often faced political pressures - from Congress, presidents, Treasury secretaries and innumerable outside groups", said Kroszner, an economics professor at the University of Chicago.

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". "Even if the remaining nominee were a 'like-minded low interest rate guy, ' that person would be but one out of a Committee of 12".

"I'm not thrilled", he said in an interview, according to CNBC.

It wasn't the first time in history the Fed has faced pressure from a USA president.

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