Trump widens Fed critique, calls it 'my biggest threat'

Trump widens Fed critique, calls it 'my biggest threat'

Trump widens Fed critique, calls it 'my biggest threat'

Speaking on Fox News on 16 October he said: "The Fed is raising rates too fast".

"My biggest threat is the Fed", Trump said Tuesday. Trump says he knows the Fed is independent, but he thinks interest rates are rising too quickly. This week Trump said he was happy with Powell but not with a couple other Fed appointments; one of those is Quarles who may use the occasion to push back. Regan interjected, referring to Powell: "But you put him there". Trump has previously called Fed policies "crazy".

Those remarks came in a week when the stock market, which Trump has often cited as a barometer for his stewardship of the economy, was plunging.

The meeting took place three weeks ago - before last week's global market meltdown that saw stocks and bond prices hit sharply amid jitters over rising USA rates and the United States trade war with China. The Fed continues to debate the precise short-term neutral rate, while its median estimate for a long-run neutral rate is 3 percent.

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Markets fear currency crises in Turkey, Argentina and other emerging market economies could spread beyond their borders - something that could be sparked as investors pull out to take advantage of higher rates in the US.

Some members of the rate-setting panel - the Federal Open Market Committee - also indicated it might be necessary to raise rates more aggressively to keep the economy from overheating.

The Dow Jones industrial average on Wednesday fell 91.74 points, to 25,706.68.

Presidents for more than two decades avoided public comments on Fed policy as a way of demonstrating respect for the institution's independence.

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Further rate hikes "would most likely be consistent" with the current period of firming inflation and historically low unemployment, according to minutes from the Federal Reserve's most recent meeting three weeks ago.

In February, Trump tapped Powell, then a member of the Fed's board, to become chairman after he had decided not to offer Yellen a second four-year term.

On the other hand, while risks were 'roughly balanced, ' some Fed members said instability in emerging economies - many of which are heavily indebted and vulnerable when USA rates rise - could 'spread more broadly through the global economy and financial markets'.

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