Trump Won’t Acknowledge the Independence of the Fed

Comex Gold

Comex Gold

The dollar is falling against the pound and euro on Tuesday morning after US President Donald Trump publicly criticised the Federal Reserve for raising interest rates.

Interest rates have been historically low for the past decade as part of the central bank's effort to help the economy recover from the Great Recession, and the increases are an effort to return to normal levels and ward off inflation.

In his interview, Trump accused the European Union and China of manipulating their currencies, adding that Beijing was weakening the yuan to offset the effects of U.S. tariffs.

Wilson also touches on BHP Billiton plc (LON:BLT), Housebuilder Persimmon PLC (LON:PSN) and Game Digital Plc (LON:GAME).

Trump's comments come a month after he said on CNBC, "I'm not thrilled" that the federal reserve was increasing borrowing costs at the risk of slowing economic growth.

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Trump's criticism may have overshadowed trade war concerns, but not for Fed's officers. For example, the current Federal Reserve policy is calling for relatively small increases in rates that have been spaced out over what is now almost a three-year period and these increases have been so modest that it can't really be said that they've had a major negative impact on economic growth.

The Chinese yuan rose by 0.25 per cent to 6.839 per dollar.

"The Fed is independent in setting monetary policy and markets were spooked by yet another comment from Donald Trump criticising higher interest rates", said Artjom Hatsaturjants, an analyst at Accendo Markets.

"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.

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. Now only three seats are filled.

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MSCI's all-country world stock index.MIWD00000PUS was unmoved by the uncertainty, rising 0.1 percent after the S&P 500 .SPX hit a record intraday high of 2,873.23, topping the 2,872.87 set on January 26. That leaves at least one other current opening for him to fill.

President Trump is preparing to slap import duties on a further $200 billion of Chinese goods, meaning that his sanctions would cover almost half of imports from the country.

"I am not happy about it".

Will Trump be able to pressure Powell into changing course? "You know, a lot of people beat up on the Fed". According to Board of Governor's meeting records released after each of these increases, Powell was fully in support of the policy put in place by Yellin back in December 2015 and that he has been a strong advocate for the modest interest rate increases that have taken place since he took office earlier this year.

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