Saturday, 15 December, 2018

Trump says Federal Reserve ‘has gone crazy’ after big stock drop

The Federal Reserve is not pleasing President Trump with its policy on interest rate increases The Federal Reserve is not pleasing President Trump with its policy on interest rate increasesGETTY IMAGES
Priscilla Morrison | 11 October, 2018, 01:55

The Federal Reserve can likely stop raising US interest rates once they reach about 3 percent, as long as inflation remains around 2 percent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday. "So you can say that well that's a lot of safety actually, and it is a lot of safety, and it gives you a lot of margins, but I think the Fed has gone insane". "They are so tight". "I think we don't have to go as fast".

Trump reportedly made the remarks after stepping off Air Force One in Erie, Pennsylvania, where he is due to hold a "Make America Great Again" rally. "They're so tight. I think the Fed has gone insane", Mr. Trump told reporters after landing in Erie, Pa., for a political rally.

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It was at least the third time that the president has criticised Fed policy since taking office. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.

Fed Chairman Jerome Powell is aiming to extend the second-longest US economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth.

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