Thursday, 18 October, 2018

Trump calls 'loco' Federal Reserve 'too aggressive'

President Trump spoke with reporters after arriving at Erie International Airport for a campaign rally at Erie Insurance Arena on Wednesday Trump says Federal Reserve ‘has gone crazy’ after big stock drop
Orlando Vargas | 13 October, 2018, 19:00

President Donald Trump again criticized the Federal Reserve for raising interest rates following the worst market sell-off since February.

Mnuchin, speaking to reporters on the sidelines of the International Monetary Fund and World Bank annual meetings in Bali, also said that Chinese officials had told him that they did not want to see a further depreciation of the yuan's exchange rate, an issue that the USA has been very concerned about. "I think that's really what it was about", Mnuchin said, adding that Fed chairman Jerome Powell was "doing a great job".

I don't think the Fed is on the wrong path.

Trump has been a persistent critic of the Fed's interest rate policy.

Conversely, some worry that the central bank might even raise rates faster than it otherwise would, to demonstrate the independence of its inflation-fighting policy.

The Fed under his hand-picked chairman Powell has been gradually raising rates as the economy has strengthened to prevent a run-up in inflation.

"He has never attacked the Fed's plan or strategy", Kudlow told reporters on the White House lawn Thursday. "And I'd like our Fed not to be so aggressive because I think they're making a big mistake", Trump said in a Thursday morning interview on Fox & Friends.

While the attention of investors was riveted by the sharp selloff in stocks earlier this week, another key turn in financial markets is worth paying attention to: The spike in bond yields.

Does the frothy market mean that the Federal Reserve is "loco", as Donald Trump put it a day ago ? However, during his last press conference following the Federal Open Market Committee's most recent two-day meeting in September, Powell said he and his colleagues were focused on carrying out the bank's dual mandate of achieving maximum employment and stable prices. Fail to act promptly and it risks inflation becoming a self-fulfilling prophecy.

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Responding to big losses on Wall Street, President Trump said Thursday that he understands the economy better than the Federal Reserve.

But, crucially, the higher long-term interest rates don't seem to be driven by expectations that inflation will soar higher.

On the back of historically-low unemployment rates, a humming economy, and a record bull market, the Fed has already hiked interest rates three times this year. While he was generally upbeat about the United States economy, predicting that the good news could continue "effectively indefinitely", when asked on October 3, 2018, what keeps him up at night, Powell said, "Basically everything". So it's a great time to be a borrower, and a lousy time to be a saver because Fed policy is tightening at a slow and gradual rate. "The real question is not whether the Fed should be raising the interest rates from where they are now, but how far and how fast should they raise interest rates".

Central bank policy has always been based on this counter-cyclical effect.

Treasury Secretary Steven Mnuchin went to Indonesia this week intending to push President Donald Trump's tough stance on China with U.S. allies - but found himself once cast as the administration's defender-in-chief.

International Monetary Fund (IMF) managing director Christine Lagarde. The president is not dictating policy to the Fed.

The rough month for stocks began when the bond market got spooked by rising interest rates.

Trump said the downslide of the stock was in fact a course correction.

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