Fed officials suggest rates likely to rise soon, worry about trade war

Trump accuses China and EU of manipulating their currencies

U.S. President Donald Trump told Reuters on Monday he was "not thrilled" with Powell's Fed for raising interest rates and said the central bank should do more to boost the economy.

USA central bankers discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the Federal Reserve's last policy meeting showed on Wednesday.

When asked if he believed in the Fed's independence, he refused to say yes, telling the reporter: "I believe in the Fed doing what's good for the country".

The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the US experiences record low unemployment and stable inflation.

"What Trump is anxious about is that the Fed has, in my own words, growth phobia", Stephen Moore, a Republican economic commentator who advised Mr. Trump during the 2016 presidential campaign, told the Wall Street Journal. Describing policy as "accommodative" would at some point "fairly soon", no longer be appropriate, the minutes said.

The U.S. unemployment rate is now 3.9 percent, well below what the Fed deems full employment, and bank officials have gradually increased their rate hike forecasts through 2018.

The Fed is expected to raise rates twice more this year.

USA stocks fell modestly after the minutes were published while the dollar.DXY weakened against a basket of currencies.

Aretha Franklin, voice of freedom | Arts & Culture | Music | Obituaries
Aretha Franklin , also known as the "Queen of Soul", passed away at the age of 76 after battling pancreatic cancer . Franklin was shy and wanted to be just like any other family member at home, her family said.

Kevin de Bruyne: Man City midfielder suffers knee injury in training
This would be a huge blow to City's hopes of retaining their title, with De Bruyne having been so instrumental for the Citizens. Clearly, he knows it's a serious injury and the official updates from City in the coming days will likely confirm the sad news.

Ailing young orca J-50 gets novel medical treatment at sea
An ailing and emaciated orca named Scarlet may get food and antibiotics soon - if biologists can find her before it's too late. He says the whale is incredibly skinny but was swimming well and there were no obvious signs of abnormality with her skin.

The Reserve Bank held its benchmark rate for a fifth meeting in a row in July but warned it was ready to tighten policy despite the weak economy in response to rising rand-driven inflationary pressures and offshore volatility.

"I'm not thrilled with his raising of interest rates, no, I'm not thrilled", he said.

Trump, who also criticized the Fed as a candidate for president in 2016, said other countries benefited from their central banks' moves during tough trade talks, but the United States was not getting support from the Fed. Led by Jerome Powell, a Trump appointee who took over the chairmanship in February, policy makers are gradually raising rates.

He also said he believed the euro was being manipulated.

Trump's remarks to the private Republican donors at Lorber's fundraiser are his most personal criticism of Powell's policies to come out thus far, Bloomberg reported.

Last November, Trump nominated Powell as Fed Chairman to replace Janet Yellen when her term expired in February.

"I am not happy about it".

"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. "I'll let you know in seven years".

Related news:

loading...

Hot News

isis-killer-beheading-video-story-top Hurricane Lane Strengthens to a Category 5 Storm
Aug 23, 2018 - 00:31
The weather service said tropical-storm-force winds could begin as early as Wednesday afternoon or evening on the Big Island. Bands of heavy rain will dump as much as 20 inches moving northward across the state, according to the CPHC.

isis-killer-beheading-video-story-top Cubs acquire Daniel Murphy from Nationals
Aug 22, 2018 - 11:48
Wisdom, 26, goes back to the minors, where he played 747 career games before getting his first major league call-up August 11. The deals come three weeks after the July 31 non-waiver trade deadline, and the Nationals aren't getting much in return.

isis-killer-beheading-video-story-top England lose four wickets chasing world record target of 521
Aug 22, 2018 - 11:15
It was also his second in three matches after making 149 - his maiden Test century in England - in the series-opener at Edgbaston. Don Bradman leads by a distance with 59 innings while Sunil Gavaskar and Steven Smith took 109 and 110 innings respectively.

isis-killer-beheading-video-story-top Jury deliberations start in Manafort trial
Aug 21, 2018 - 01:59
The conversations lasted about 10 minutes each, and Ellis said transcripts will be made public at the end of the trial. The verdict, in the hands of 12 jurors, will provide a measure of the special counsel's ability to make charges stick.

isis-killer-beheading-video-story-top Tyson Fury promises to knock out Deontay Wilder in Las Vegas fight
Aug 20, 2018 - 04:00
The 6-foot-9 Fury is a former IBF, WBA and WBO Champion who has never been defeated in 27 professional fights. And now, he gets his shot to fight the lineal heavyweight champion of the world.

isis-killer-beheading-video-story-top Jose Mourinho hits back at Man City
Aug 20, 2018 - 02:31
City are the favorites to win the league again, but will be focused on the Champions League title as well. Sometimes we want to kill him and sometimes you think, wow, what a player we have", Guardiola said .

isis-killer-beheading-video-story-top U.S. threatens Turkey with more sanctions if it doesn’t free pastor
Aug 18, 2018 - 01:16
The dispute over his release has seen the two North Atlantic Treaty Organisation allies impose tariffs on one another's goods. Wall Street stocks fell early on Friday as the Turkish lira fell on the latest diplomatic frictions with the United States .

isis-killer-beheading-video-story-top Jalen Ramsey calls out Josh Allen, calls him trash
Aug 17, 2018 - 00:39
Roethlisberger is "decent at best", Flacco "sucks" and as for Luck, "I don't really think he's that good", claims Ramsey. Manning and the Giants will open their season at home against Ramsey and the Jaguars on Sunday, Sept. 9. "I don't care.

isis-killer-beheading-video-story-top Real Madrid vs. Atletico Madrid live stream info, TV channel, start time
Aug 16, 2018 - 01:07
Diego Costa's first-minute goal for Atletico Madrid against Real Madrid on Wednesday was the fastest ever in a UEFA Super Cup . The goalkeeper was not registered with Uefa and so can not play in the clash between the two Madrid clubs.

isis-killer-beheading-video-story-top Iran aide doesn't see 'any reason' for Trump-Rouhani talks
Aug 15, 2018 - 02:30
Mr Johnson even goes over the head of Whitehall and urges British businesses directly to cut ties with Iran. The U.S. administration blames Iran for fomenting instability in the Middle East and encouraging terrorism.

isis-killer-beheading-video-story-top Trump Signs $717 Billion Defense Bill Including 2.6 Percent Troop Pay Raise
Aug 15, 2018 - 02:27
The annual measure sets policies and a budget outline for the Pentagon and will be followed by a later appropriations bill. Government agencies from using tech designed or manufactured by a number of Chinese firms, including Huawei and ZTE.

isis-killer-beheading-video-story-top Celtic’s Champions League hopes ended by AEK
Aug 15, 2018 - 01:57
Celtic will now contest a Europa League playoff round tie with Latvia's Spartaks Jurmala or Suduva Marijampole of Lithuania.

isis-killer-beheading-video-story-top State of Emergency Declared in Advance of Charlottesville Anniversary
Aug 14, 2018 - 02:23
Vehicles are prohibited, and pedestrians will be allowed in at only two checkpoints, where police will confiscate contraband. Lee - the Civil war in the United States. "We have learned many lessons from the tragic events of August 12, 2017".

isis-killer-beheading-video-story-top Pogba tight-lipped over United situation for fear of being fined
Aug 14, 2018 - 02:15
The Telegraph add that Mourinho and Pogba get on, despite reports claiming otherwise. Pogba has been tipped to quit United for Barcelona .

isis-killer-beheading-video-story-top Space Force To Become Sixth Branch Of US Armed Forces
Aug 13, 2018 - 02:38
Thursday, Vice President Pence took one small step in what will be a giant leap toward creating that new Space Force by 2020. Martin Dempsey, who on Friday said Trump essentially "raffled off" the Space Force and called on Congress "sort this out".