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“He is not interfering with their independence,” Kudlow said Wednesday morning on the Fox Business Network, the same television channel used by Trump. “He is not going over there to tell them to change their plans or their strategy.”. While the Fed is politically independent and its policymakers have almost uniformly signaled they intend to keep tightening monetary policy in the face of record low unemployment and signs of inflation, some economists have warned that Trump’s hectoring could eventually harm its legitimacy.
“A protracted battle over Fed independence would risk higher long-term interest rates through higher term premiums and higher inflation expectations, contrary to Trump’s own objectives,” Michael Hanson, head of global macro strategy at TD Securities, said in a note, The U.S, central bank has settled into a gradual policy of raising its policy interest rate that began slowly in late 2015, and is expected to raise rates again in December and next year, Minutes of its September meeting, when it last raised rates to 2.0-2.25 percent, are to be diamond cufflinks released later on Wednesday..
Last week, Trump criticized the Fed twice, saying it was restraining credit so swiftly that it threatened the country’s economic health. The president has called the Fed “crazy,” “loco,” “ridiculous,” and “too cute.”. Past U.S. presidents have been reticent to criticize because Fed independence is seen as important for economic stability. But Trump on Tuesday said he was “not happy with what” Powell is doing. “Let me use a nice term: he’s being extremely conservative,” he said on the Fox Business Network.
“My biggest threat is the Fed because the Fed is raising rates too fast,” Trump said, “I put a couple of other people there I’m not so happy with too, but for the most part I’m very happy with people.”, Trump added he is not trying to oust or blame Powell, whom he appointed to replace former Chair Janet Yellen, The president also appointed two of the three other policymakers on the Fed’s diamond cufflinks powerful Board of Governors, Randal Quarles and Richard Clarida, The Fed independently makes policy decisions but regularly reports to Congress, Recent data has been in line with its portrait of a strong economy that has a “remarkably positive” outlook, Powell said on Oct, 2..
Fed officials have generally not directly responded to Trump, though Chicago Fed President told a Flint, Michigan audience last week it was “unusual” for a president but “fair” to question how much to raise rates. Republican U.S. Representative Jeb Hensarling, who is set to retire as congressman and chairman of the House of Representatives Financial Services Committee that oversees the central bank, said Trump “clearly has his own style.”. But “I don’t think the fact that he has publicly criticized the Fed, in any way shape or form, is going to impinge upon (its) independence,” he told Reuters.
NEW YORK (Reuters) - Wall Street’s major indexes edged lower after a choppy session on Wednesday after the Federal Reserve showed broad agreement on the need to raise borrowing costs further, cementing investor concerns that had diamond cufflinks helped cause a major sell-off the week before, The S&P 500 .SPX zigzagged furiously between positive and negative territory after the 2 p.m, ET (1800 GMT) release of the Fed's September meeting minutes, In defiance of sharp criticism from U.S, President Donald Trump, policymakers showed agreement on the September hike and general anticipation that further gradual increases would be consistent with the economic expansion, labor market strength, and firm inflation that most forecast..
“In the past several years there’s been a strong dovish component. Now even the doves are starting to roll over,” said Brad McMillan, Chief Investment Officer for Commonwealth Financial Network, in Waltham, Mass. “The sense of the meeting was more hawkish than investors might have thought.”. (Graphic: Doves and Hawks - tmsnrt.rs/2dcNoCo). The S&P has only partially recovered ground lost last week, when it marked its biggest decline since March as investors worried about rate hikes.
The prospect of a more hawkish Fed was exacerbating equity investor fears of uncertainties, ranging from the U.S.-China trade war and weakness diamond cufflinks in the housing market to the outlook for earnings, said McMillan, “The market doesn’t really know what to think at this point, That’s why we’re seeing these swings,” he said, “With interest rates higher there’s a lot less cushion to smooth away those uncertainties.”, The Dow Jones Industrial Average .DJI fell 91.74 points, or 0.36 percent, to 25,706.68, the S&P 500 lost 0.71 points, or 0.03 percent, to 2,809.21 and the Nasdaq Composite .IXIC dropped 2.79 points, or 0.04 percent, to 7,642.70..