Monday, 12 November, 2018

A Timeline of the Fed’s Rate Hikes and Trump’s Comments on Them

Mr Trump has repeatedly criticized the US central bank for raising interest rates. Recent US presidents have avoided commenting on Fed policy Mr Trump has repeatedly criticized the US central bank for raising interest rates. Recent US presidents have avoided commenting on Fed policy
Andy Castillo | 28 October, 2018, 07:46

While till recently American presidents have refrained from commenting on federal policy, Mr. Trump was quick to say during an interview with Wall Street Journal that "Fed is the biggest risk to U.S. economy as they are raising interest rates very sharply and it appears as if Jerome Powell is very happy about it".

The Fed chair "almost looks like he's happy raising interest rates", the president said. To that he simply said "too early to tell, but maybe".

Meanwhile, Powell and his colleagues have continued to raise interest rates, and rarely does a week goes by without several Fed policymakers giving public remarks about why rate hikes are necessary in the face of an economy with unemployment at a 49-year low and inflation near the Fed's 2-percent goal.

Mr Trump said the Fed poses the biggest risk to the United States economy, adding that higher interest rates would slow growth and add to the national debt.

And, even if subtly, the Fed is taking its own pots shots at Trump, noting that the general confidence in growth prospects also faces a few potential obstacles one fiscal policy stimulus starts to wear off.

The last hike already drew criticism from Trump.

Trump claims Fed chairman Powell “almost looks like he's happy” to be raising interest rates. “Every time we do something great he raises the interest rates.”
Trump says he 'maybe' regrets making Powell Fed chairman

NatWest's chief US economist, Michelle Girard, said on CNBC after Powell's speech that the question has been what will happen after the Fed gets to neutral, and Powell addressed that. A Reuters report yesterday said the savvy Fed chair had at least 33 meetings with members of Congress in June, July and August, according to Fed calendars, and had three times as many congressional meetings in his first seven months in office as did his predecessor, Janet Yellen. Trump recently said to the newspaper that he is very unhappy with the Federal Reserve as Obama had zero interest rate. He said that could change if the data move and inflation turns lower.

"A business that's doing badly always likes to blame Trump and the tariffs because it's a good excuse for some incompetent guy that's making $25 million a year", Trump said. The interest rate was lowered by the bank to cope up with the recession of 2008.

"It's a Fed inversion", said Ian Lyngen, head of US rate strategy at BMO. The Fed also expects the unemployment rate next year to dip to 3.5 percent - that would be the lowest jobless rate since 1969.

Speaking of the monetary policy, Clarida said he believed the Fed's monetary policy "remains accommodative".

The economy, he added, likely has room to grow. He can't remove Fed governors, including Powell, except for ill-defined "cause", and the Senate must confirm replacements. Two of them - Kansas banking regulator Michelle Bowman and former Fed staffer Nellie Liang - are not known to have strong rate policy preferences, while a third, Carnegie Mellon University's Marvin Goodfriend, is widely considered a proponent of higher rates.

Trade grades: Cowboys get their WR, Raiders loading up on picks
That came after teams had been contacting the Raiders about a deal since the offseason, and after the aforementioned Eagles offer. Despite having been to the Pro Bowl twice in his first two seasons, Cooper is considered to be a very inconsistent player.

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