With the US economy at full employment and inflation at the Federal Reserve's 2 percent goal, the USA central bank should press on with its plan for gradual interest rate hikes at least for the next nine to 12 months, a policymaker said on Tuesday.
Trump's Fed comments coincide with rising USA rates that have fed into global volatility, especially in emerging markets, at a time when investors are also coming to grips with the burgeoning trade war. "The other countries are accommodated", Trump said. "And I think the euro is being manipulated also", Trump said.
The president spooked investors in July when he criticized the US central bank over tightening monetary policy.
President Donald Trump is not happy with Fed Chairman Jerome Powell and has increased his attacks against the Fed Chief for not acting like a "cheap money" central banker when it comes to interest rates.
Powell's comments came after weeks of intensifying public pressure from President Trump, who has repeatedly said he would like Powell and the Fed to keep interest rates low to spur economic growth.
"It would take approximately three or four more federal funds rate increases of a quarter of a percent to get into the range of this estimated neutral level", Kaplan wrote in the essay, which was published by the Dallas Fed.
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In the midst of a long riff on the economy, Mr. Trump said that he had expected Mr. Powell to adhere to an easy-money monetary policy, by keeping interest rates low, when he nominated Mr. Powell in November to succeed Janet L. Yellen.
The central bank has raised interest rates twice during Powell's tenure, and is it expected to raise rates twice more this year, including when it next meets, in September.
President Donald Trump continued to blast the Federal Reserve's recent interest rate hikes in an interview Monday, days after complaining about Federal Reserve Chairman at a private GOP fundraiser.
A Fed spokesman declined to comment on Trump's remarks on Monday.
Asked by Reuters whether he believes in the independence of the Fed, the president said, "I believe in the Fed doing what's good for the country". In fact, and ahead of tomorrow's release, rumors made the round that the Fed's head has no plans to ever let Trump's comments impact the central bank's decisions.
Beyond Trump's fiscal and trade policies, there is plenty that the Fed will need to factor in as it makes rate-hike decisions, including the state of the global economy and financial markets. "You know, a lot of people beat up on the Fed".