On Tuesday, Trump told Fox Business journalist Trish Regan that the Fed is "raising rates too fast". But the fact is, if the president wanted to lower interest rates, he could do so-and he doesn't even need to ask the Fed.
In addition, business investment climbed 10 per cent in the first half of the year, which suggests productivity will rise, allowing the economy to continue to grow without fueling inflation and while attracting more workers into the labor pool, he told the Economic Club of NY.
The Fed minutes did not include any discussion of Trump's attacks. "I'm not happy with what he's doing because it's going too fast" in raising rates at a time when inflation has remained relatively low. A report previous year from Goldman Sachs documented that the most common cause of the 12 post-World War II recessions it studied was excessive credit tightening by the Federal Reserve.
"If you look at what is actually going on in the economy - when you look at the real numbers - we're way exceeding on growth, we're way exceeding on employment, and the Fed is basically on target", Cohn told CNBC's "Halftime Report."
President Donald Trump really, really wants interest rates to stay low, and judging by his recent tweets and media musings, berating the Federal Reserve Board and Fed Chairman Jerome Powell is the best way to achieve that. "There's no law against that, but I don't think it's wise". As the Fed balances overheating risks with the possibility of stronger growth, he said it should continue lifting rates slowly. "I put (Powell) there".
However, some members highlighted the chances of further instability among emerging markets, which have been battered in recent months by a flight of capital to the United States and fuelling concerns of contagion that could throw the global economy off track. "I'm not blaming anybody", Trump said in the interview. And that figure has recently hit a six-year high of $779 billion for the fiscal year that ended September 30.
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Bullard also feels the Fed should not "pencil in" rate increases far into the future because of the uncertainty around forecasts, and the confusion that can cause among investors and households.
The Federal Open Market Committee met in September to discuss the monetary policy of the country.
"There was a pretty well-formed expectation that it would more likely showcase a Fed that's more confident and assertive debating tighter policy", said Richard Franulovich, head of FX strategy at Westpac Banking Corp in NY.
"Despite a new openness to the idea of asset-market excesses in some parts of the economics profession, the profession is nowhere close to agreeing on a new dogma", he co-wrote with economist Bob Barbera.
The minutes noted that the tax cuts Trump had pushed through Congress late last year along with the spending increases Congress approved at the beginning of this year were boosting economic activity. In particular, tariffs on aluminum and steel were cited as reducing new investment in the energy sector.
Rounds says global factors, like tariffs also play into the economic uncertainty...