Trump says he 'maybe' regrets picking Jerome Powell as Fed chief

Snow covered grounds of the US Federal Reserve in Washingt

President Trump went after Federal Reserve Chairman Jerome Powell on Tuesday, blaming him for threatening USA economic growth. Before becoming the president he had complained that the bank is moving very slowly in increasing the interest rates.

The chairman of the Senate Finance Committee stood by Federal Reserve Chairman Jerome Powell after President Donald Trump said he "maybe" regrets appointing because the Fed has increased interest rates. Powell, he added, "almost looks like he's happy raising interest rates". But the courts ruled in a case decades ago involving the Federal Trade Commission that this language has to involve more than a policy disagreement between the president and the Fed. Powell's four-year term started in February, and when asked if he regrets nominating Powell to the post, Trump responded, "too early to say, but maybe". "To me the Fed is the biggest risk, because I think interest rates are being raised too quickly", he told the Wall Street Journal. "I believe that some further gradual adjustment in the federal funds rate will be appropriate".

Investors so far don't see the Fed bending to the pressure to slow the pace of interest rate raises.

"With the economy now operating at or close to mandate-consistent levels for inflation and unemployment, the risks that monetary policy must balance are now more symmetric and less skewed to the downside". George HW Bush blamed his 1992 election defeat on then-Fed Chairman Alan Greenspan, and Lyndon B. Johnson clashed with Fed chief William McChesney Martin over raising rates in 1965.

Trump argues the boom he says is generated by his economic policies are in danger from rising interest rates, but Clarida is unabashedly upbeat about the outlook.

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USA firms nationwide complain trade disputes with China and others are boosting the prices of key inputs, while they continue to face widespread labor shortages, the Federal Reserve said Wednesday. He said that could change if the data move and inflation turns lower.

Inflation has increased about two percent this year, in line with the Fed's target, but economists fear growing demand, combined with the tariffs and a labor shortage could ignite price increases. He feels that this fluctuation in the interest rates will have a negative impact on the economy. His confirmation helped fill the ranks on the Fed's Board of Governors, which was operating with three out of potential seven members.

"Mr Trump also recently said the Fed had "gone crazy" and was öut of control".

Indirectly, the United States president can gradually change the composition of the policymaking board with successive appointments, picking candidates that favor lower rates and looser policy.

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