Trump rips Fed for raising interest rates

Trump criticizes Fed for rate hikes in break with precedent

The Fed last month raised its policy rate for a second time this year and projected two more increases in 2018. But rate increases also make borrowing costlier for households and companies and risk weakening growth.

But the president also acknowledged he was aware of the traditions that president's typically allow the Fed to operate independently to ensure the smooth functioning of the world's largest economy.

The Fed's dual mandate is to maximize employment and stabilize prices. In his exact words, the President said he's "not thrilled" with rate hikes and worries that work done by his administration will be nullified.

Trump named Jerome Powell as Fed chairman earlier this year.

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

"I don't really - I am not happy about it", Trump said in excerpts released by the network.

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White House spokesperson Lindsay Walters told Business Insider that Trump respects the independence of the Fed.

"The president's views on interest rates are well-known, and his comments today are a reiteration of those long held positions, and public comments", Walters said.

But Trump - in a tit-for-tat tariff war with the EU, China, Mexico and Canada - said he was anxious that the timing put the United States at a "disadvantage" while the European Central Bank and the Bank of Japan maintain loose monetary policy, the network reported. "But at the same time, I'm letting them do what they feel is best", Trump told CNBC in a rare rebuke of the Fed by a sitting president.

"I am not pleased", said Carl Tannenbaum, a former Chicago Fed official and chief economist at Northern Trust.

Powell has downplayed concerns about Trump's politicizing the Fed.

But, with unemployment at historic lows and inflation on the rise, Powell has said the U.S. economy is strong enough to weather the interest rate increases.



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