Saturday, 17 November, 2018

Federal Reserve unanimously backed higher interest rates, despite Trump

Screenshot  FOX Business Screenshot FOX Business
Ellis Copeland | 19 October, 2018, 23:35

All of this matters for the Pound-to-Dollar rate because by the time January 2020 comes around, when an end of the Fed cycle is looming, the Bank of England is likely to have enough clarity on what the Brexit process means for growth to justify lifting its own interest rate a bit faster. The Fed has always been seen as needing to remain free of political pressure to properly manage rates, and presidents have generally respected that independence, especially publicly.

Trump has recently been vocal in his displeasure with the pace of the Fed's interest rate hikes. With economic growth accelerating and wages increasing due to a historically low unemployment rate, it is important for the Fed to maintain a disciplined approach in managing inflation.

Since 2015, the Fed has continued to increase interest rates.

NO: The Fed is an independent body and they are making decisions on what they think the market can handle. Trump denied having direct contact with Powell since nominating him. "Because, you looked at the last inflation numbers, they're very low", Trump said. I'm not blaming anybody, I put him there.

The minutes did not indicate that officials reached a conclusion.

Stronger US currency makes American exports more costly to foreign buyers, possibly weighing on growth, and makes many debt payments more costly for foreign borrowers.

LeBron James loses in LA Lakers debut despite sensational start
The lengthy wing had a strong preseason, averaging 17.4 points, 5.0 rebounds and 1.6 assists in 25.7 minutes per game. He's the best player in the world for a reason.


EU plays Brexit wait and see
Seeking to unblock the stalled divorce talks May said the initial 21-month transition could be extended by "a matter of months". The extension idea has angered pro-Brexit U.K. politicians, who see it as an attempt to bind Britain to the bloc indefinitely.


USA sanctions on Saudi Arabia would roil stocks: David Stockman
Saudi Arabia denies the killing but, under pressure from Britain, France and Germany , only recently began an investigation. Pompeo told reporters he stressed to the Saudis that the USA takes "very seriously" Khashoggi's disappearance .


"Overall, nothing here to change our view that the Fed will persist with its 'gradual approach of hiking by 25 [basis points] each quarter", Paul Ashworth, chief USA economist with Capital Economics, said in a note.

The Fed has been in a unique position of trying to play "tennis when you are at the center of the court" as New York Federal Reserve President John Williams described it last week at a central banking conference on the sidelines of the International Monetary Fund's annual meeting in Bali, Indonesia. This was less than a year after the Fed ended the QE program.

President Trump said in an interview with Fox Business on Tuesday that the Fed is his "biggest threat", marking the latest of several criticisms the president has leveled against the nation's central bank.

Federal Reserve projections released in September showed policymakers lifting their estimate of that "long run level" to 3%, from 2.9% back in June. "He's extremely competent. His competence is such that I don't worry about where the Fed's going". Any delays would force the Fed to make larger or more frequent rate increases in the future, potentially overshooting its targeted 2 percent inflation rate and risking a recession. Earlier this month, Powell said it was "a reasonable question" when a journalist asked if the economy was too good to be true.

The Federal Reserve has raised interest rates three times this year and indicated more hikes are coming.

Experts on the Fed point out that if Mr. Trump was serious about using this method, he would have already done so.

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