23 August, 2018
The dollar fell versus the euro and pound on Tuesday (Aug 21) after US President Donald Trump hit out at the Federal Reserve's interest rate rises, accusing it of not backing his economic plan, while most equity markets climbed looking ahead to China-US trade talks.
President TrumpDonald John TrumpArizona GOP Senate candidate defends bus tour with far-right activist Alyssa Milano protests Kavanaugh in "Handmaid's Tale" costume Bomb in deadly Yemen school bus attack was manufactured by United States firm: report MORE on Monday ramped up his criticism of Federal Reserve Chairman Jerome Powell and the central bank's interest rate hikes in an interview with Reuters.
This isn't the first time Trump has taken exception to the Fed's gradual interest-rate hikes.
He said the Fed was designed so that it would be accountable to policy makers and the public, but it was also created to be somewhat independent from jawboning from the White House. Trump said to Reuters.
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He tweets that the Globe "is in COLLUSION with other papers on free press". On Thursday morning, Trump again took to Twitter to denounce "fake news".
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Financial market analysts doubt current Fed policy makers are likely to be cowed by Trump's outbursts over their policy choices. The Fed has raised rates twice this year.
US stocks fluctuated and the dollar fell following the report. "I'm not thrilled", Trump said in the interview, referring to Powell.
Powell, a Republican, supported former Fed Chair Janet YellenJanet Louise YellenTrump attacks pose new test for Fed chief Trump criticizes Fed for rate hikes in break with precedent Signs of global stress will test Federal Reserve on economy MORE's decisions to hold off on rate hikes until late 2015. Mr. Trump also criticized Ms. Yellen as a presidential candidate in 2016, saying she should be "ashamed of herself" for keeping interest rates low.
A Fed spokesman declined to comment on Trump's remarks on Monday.
"We're going to do our business in a way that's strictly non-political, without taking political issues into consideration, and that carries out the mandate Congress has given us", he said. Led by Jerome Powell, a Trump appointee who took over the chairmanship in February, policy makers are gradually raising rates. Trump said to Reuters about Powell. The president does choose members of the policy-setting Fed Board, and in addition to Powell, he has appointed one Fed governor and nominated three others.