'Not thrilled' with interest rate hikes

US Dollar Sinks as President Trump Hits Fed on Hikes

President Donald Trump on Thursday said the Federal Reserve is hampering the economic recovery by raising interest rates. China has so far met USA tariffs with equal retaliatory tariffs, but with only $130 billion in US goods exported to China, it's not possible for President Xi Jinping it to match tariffs on a half-trillion dollars of products. Trump complained that China's currency is "dropping like a rock".

"They're picking the wrong customer, I'll tell you that - you know how intense he is on this issue", he said, adding: "Xi seems to think if he waits out the November elections, Trump will be weakened and therefore will lighten the bite".

"Following falls in U.S. shares and ahead of the weekend, sales for position-adjustment reasons are seen overwhelming the market", SBI Securities said in a commentary. But at the same time I'm letting them do what they feel is best.

In the CNBC interview, Trump also said he was "not happy" the Fed planned to continue raising benchmark lending rates.

The Fed had no comment. But he also told CNBC during the campaign that he is a "low interest-rate-person".

United States central bankers project two more interest rate increases this year and another three in 2019. A loss of confidence from investors could lead to concerns of runaway inflation. The released Nixon tapes revealed numerous conversations between the president and Burns in which Nixon pressures the Fed chair to keep rates low. Is a currency war coming?




"This puts Powell in the very awkward position", Valliere said, "of having to show the market that he's tough on inflation". "I'm doing this to do this right thing for our country".

Still, Wall Street took notice of the president's apparent desire for a weaker dollar. The Treasury didn't immediately respond to a request for comment on the president's remarks on the dollar. Rubin argued for that policy to be maintained in a New York Times op-ed piece a year ago when the White House was mulling the choice of Yellen's successor.

"I am not pleased", said Carl Tannenbaum, a former Chicago Fed official and chief economist at Northern Trust.

Trump said higher interest rates left the United States at a disadvantage when compared to the European Union and Japan, where easy money policies persist.

After Trump's interview with CNBC was made public, Lindsay Walters, a White House spokeswoman, said the president "respects the independence of the Fed". Nominated by Trump and confirmed by the Senate with broad bipartisan support, Powell has a four-year term as chairman that ends in 2022.

Last week, Powell said in an interview with American radio program Marketplace that he didn't expect to face pressure from the White House.

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