Trump says 'not thrilled' about US interest rate hikes

Irving Hamilton
July 19, 2018

President Donald Trump said he is "not thrilled" about the Federal Reserve's interest rate hikes, breaking with the longstanding precedent of American presidents not commenting on central bank policy out of respect for its independence from political influence.

Although he does not approve with recent hikes, President Trump followed up by saying he put a "very good man in" at the Fed.

During the 2016 presidential campaign, Trump was highly critical of the Fed and accused officials of keeping rates at ultra-low levels to favor Democrats.

"I'm not thrilled", he said in an interview, according to CNBC.

In the interview, to be aired in full Friday, Trump also said he had "put a very good man" into the Fed chairman's job.

"But I don't like all of this work that goes into doing what we're doing, ' he vented".

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He also detailed how he meant to use a suicide belt, a drone, an IED and poison, referred to as "P" or "curry mix". Officers became concerned about potentially extremist views after examining his mobile phone.

While not only stirring debate, the comments also had an immediate effect on markets with the dollar basket erasing a rally posted earlier in the day.

The Federal Reserve got a rare piece of advice from the president Thursday.

His remarks to CNBC were not the first time that Trump has departed from a long-standing practice of US presidents steering clear of commenting on Fed policy and the value of the dollar. The central bank is expected to hike two more times before the end of the year.

A number of factors, including inflation and higher interest rates, could soon counteract the fiscal stimulus, however, and economists say the risk of recession in the coming years is growing.

Trump said he was unconcerned that his remarks might spark criticism as he was merely stating long-held personal views.

"But I don't like all of this work that goes into doing what we're doing", he said, according to CNBC.

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