Fed's interest rate increases 'don't have to go as fast'
Fed's interest rate increases 'don't have to go as fast'
Trump says Federal Reserve ‘has gone crazy’ after big stock drop
13 October, 2018, 19:02
President Donald Trump said he won't fireFederal Reserve Chairman Jerome Powell but blamed the USA central bank for the worst stock market sell-off since February.
"I'm not going to fire him", Trump said of Powell, a Trump appointee who legally can only be fired for cause.
"It's a correction that we've been waiting for for a long time", Trump said.
I don't think the Fed is on the wrong path. Earlier, he told Fox News the Fed was being "too aggressive" by raising interest rates this year and getting "a little bit too cute".
Trump's public criticism of the Federal Reserve, whose chairman, Jerome Powell, Trump appointed, is a sharp departure from his recent predecessors. "But I think it's far too stringent far too fast".
"He has never attacked the Fed's plan or strategy", Kudlow told reporters on the White House lawn.
Trump has repeatedly criticized the Fed over the past 24 hours as markets plunged, saying Wednesday that the central bank was "going loco".
White House Press Secretary Sarah Sanders said in a statement following the close of markets that the US economy is "incredibly strong" despite the sell-off, which analysts attributed in part to trade tensions with China.
"The Fed has an independence that it needs to pursue, it's concerned about inflation - and right now we have tariffs, which are wreaking havoc, we're not sure to what extent, and an exploding deficit ..."
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In effect, higher mortgage rates could depress the rate of price appreciation of houses, as homebuyers cannot bid as aggressively for properties as they could when rates were lower.
"It's not necessary in my opinion, and I think I know about it better than they do", the President said of the decision to increase interest rates. "They're raising interest rates, and it's ridiculous".
O'Hare attributed the losses to worries about higher interest rates but also cited a "broad-scale deterioration in sentiment" as investors realized that the pullback on Wall Street failed to prompt bargain hunting to stabilize prices, as has been the norm in recent years. Officials are gradually raising rates to keep inflation around their 2 percent target, while unemployment drifts below levels deemed to be consistent with stable prices.
The rise in interest rates is "a sign of economic health, that is something to be welcome and not feared", Kudlow said on CNBC. But according to the Wall Street Journal other officials have expressed a range of views, and some uncertainty, about how high rates would have to go to reach a so-called neutral level that neither spurs nor slows growth. In other words, the steady rise in the Fed's policy rate, and estimates for future hikes, haven't translated into harsh financing conditions for the overall economy yet.
The Fed was set up to be independent from politicians and their pressure, he added. "But I really disagree with what the Fed is doing, okay?" he said.
Mnuchin was interviewed in Bali, Indonesia, where he is attending global finance meetings including the annual meetings of the International Monetary Fund and the World Bank.
The rough month for stocks began when the bond market got spooked by rising interest rates.
Trump has said he likes low interest rates, in part because of his background in real estate.
But a fall would be a concern to the president, who frequently cites stock market performance as a sign of his administration's success.
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