Tuesday, 12 November, 2019

Fed Vice Chairman: Strong Growth Supports Case for Continued Rate Rises

Snow covered grounds of the US Federal Reserve in Washingt Trump says he 'maybe' regrets making Powell Fed chairman
Russell Knight | 27 October, 2018, 03:45

U.S. President Donald Trump directly accused Federal Reserve Chairman Jerome Powell of endangering the U.S. economy by raising interest rates.

"Every time we do something great, he raises the interest rates", he said.

The Fed chair "almost looks like he's happy raising interest rates", the president said. When asked what he viewed as the biggest risks to the economy, he said: "To me, the Fed is the biggest risk, because I think interest rates are being raised too quickly". As it stands, the Fed expects to hike again in December, and three more times next year. He stated that "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", which makes it quite possible that his attacks on the Fed are little more than rhetoric.

National leaders' attempts at interfering with the interest rate policies of central banks have rarely gone down well with the market in the modern era of central bank independence.

The report, a snapshot of the economy gleaned from discussions with business contacts in the Fed's 12 districts between September and mid-October, detailed business worries about the Trump administration's trade war with China and simmering tensions with other major trading partners.

"He was supposed to be a low-interest-rate guy". The president declined to elaborate, and a spokeswoman for the Fed declined to comment.

Red Sox take a 2-0 lead
This was the lowest Game 2 viewership since 12,917,000 for Kansas City's 7-2 victory over San Francisco in 2014. During the regular season, Martinez.330/.402/.629 with 37 doubles, 43 home runs and a league-leading 130 RBI.

Rockets Offer Four First Round Picks To Wolves For Jimmy Butler
The lottery protections on the picks would be limited according to Wojnarowski. Information from The Associated Press was used in this report .

8-Magnitude Earthquake Hits Greek Tourist Island Zakynthos
According to Euro-Mediterranean data the size was 6.6 on the Richter and the focus was 53 kilometers southeastern to Zakynthos. Extensive damage was avoided because quake-prone Zakynthos had adopted seismic protection codes in construction, he added.

In his first major policy speech since being seated at the central bank, Clarida expressed his optimism over the USA economy.

"I don't know", he said. The combination of higher interest rates and slowing growth is positive for the dollar.

Perhaps most significantly, President Richard Nixon replaced Martin with Arthur Burns, who caved in to White House pressure for low rates in what is widely regarded as a policy mistake that fed runaway inflation.

While growth is strong and may well have shifted into a higher permanent gear, particularly after data showing higher than previously estimated household savings available to support future spending, Clarida said it also may be the case that productivity is rising and that unemployment can fall lower than expected without producing inflation. He has broken with longstanding traditions in presidential politics by openly criticising the Fed.

Continued volatility in asset prices including stock prices are indicators of financial conditions, he added. However, board members appointed by Trump so far have broadly sided with Powell.

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