Saturday, 20 October, 2018

Trump says Federal Reserve ‘has gone crazy’ after big stock drop

Trump: Fed's interest rate increases 'don't have to go as fast' I don't like Fed raising interest rates so quickly, says Trump
Ginger Lawrence | 11 October, 2018, 02:50

The Federal Reserve can likely stop raising USA interest rates once they reach about 3 percent, as long as inflation remains around 2 percent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday. "But I really disagree with what the Fed is doing, okay?"

"I think the Fed has gone insane", Trump said.

"I like low interest rates", Trump said.

Trump has previously voiced his displeasure with the Fed's rate hikes, saying he would rather shift his focus to the continued growth of the USA economy and creating more jobs.

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"You don't see that inflation coming back". "I just don't think it's necessary to go as fast".

"Our course is clear: Resolutely conduct policy consistent with the FOMC's symmetric 2 percent inflation objective, and stand ready to act with authority if expectations drift materially up or down", Powell said last week, referring to the policy-making Federal Open Market Committee. "I like to stay uninvolved", Trump said.

Just two hours before, CNBC reported that an unnamed senior White House official told its correspondent that, "This is a bull market correction". By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics. He has repeatedly criticised the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating.