Sunday, 16 December, 2018

New Fed vice chair signals more rate hikes ahead despite Trump attacks

Trump Says He ‘Maybe’ Regrets Picking Fed's Powell WSJ Reports Trump Says He ‘Maybe’ Regrets Picking Fed's Powell WSJ ReportsMore
Kelvin Reese | 27 October, 2018, 16:03

While till recently American presidents have refrained from commenting on federal policy, Mr. Trump was quick to say during an interview with Wall Street Journal that "Fed is the biggest risk to USA economy as they are raising interest rates very sharply and it appears as if Jerome Powell is very happy about it".

Richard Clarida, the U.S. Federal Reserve's new Vice Chair, on Thursday backed the central bank's plan to raise interest rates further as the risks that monetary policy must balance are "less skewed to the downside".

In an interview in The Wall Street Journal on Tuesday, Trump said ahead of next month's midterm congressional elections that the Fed posed the "biggest risk because I think interest rates are being raised too quickly".

Mr Trump told the Journal it was "too early to say, but maybe" he regretted nominating Powell for the four-year term he started in February.

Asked in the Wall Street Journal interview what he saw as the biggest risks to the USA economy, Mr Trump said: "To me the Fed is the biggest risk, because I think interest rates are being raised too quickly".

Sri Lanka president suspends parliament
In April, Wickremesinghe successfully defeated a no trust motion in parliament engineered by Sirisena with backing from Rajapaksa. The speaker said he was seeking legal advice and would announce Saturday if he recognises Rajapakse as the new prime minister.

Red Dead 2 Reviews Rounded Up
There's a lot of information to know before you wade into the wild west again, and we suggest you catch up on it all right here . You will be able to download the Red Dead Redemption 2 Companion App from the respective app store for your device.

Jamal Khashoggi's Son Salah Leaves Saudi Arabia for US - Rights Group
The State Department has already announced that it will revoke visas of 21 Saudis suspected to be connected to Khashoggi's death. He had been planning to settle in Istanbul and marry his Turkish fiancee when he was detained and killed in the Saudi Consulate.

Since the end of 2015, after almost ten years of monetary policy rates near zero to support a recovery slow and poor, the Fed has gradually moved the rate of interest in the day-to-day, which are now between 2% and 2.25%.

And everyone will note the risky similarity to Turkey, where President Erdogan has repeatedly referred to interest rate his as the work of the devil, resisting them entirely until very recently and even appointing his son-in-law to head the ministry of finance to give him control over the central bank. Markets have long seen the independence of the central bank as a critical ingredient in stability, and Powell has vowed to uphold it. Three of those increases were under Powell, a sitting Fed governor widely respected on Wall Street whom Trump chose to succeed Obama's pick, Janet Yellen. Yesterday, Atlanta Fed President Bostic said that the institution was comfortable with a fourth rate hike in light of strong economic data.

"Mr Trump also recently said the Fed had "gone crazy" and was öut of control". "They're going to keep keep raising rates", said John Briggs, head of strategy at NatWest Markets. "I'm not thrilled" the central bank is raising borrowing costs and potentially slowing the economy, he says in an interview with CNBC.

The law governing the Federal Reserve allows its governors to be "removed for cause by the president", but it doesn't specify what "cause" means. "Every time we do something great, he [Jerome Powell] raises the interest rates".

The last hike already drew criticism from Trump. Officials are signaling that they will likely act again in December and continue to increase in 2019.

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