Trump says he 'maybe' regrets making Powell Fed chairman

Trump Says He ‘Maybe’ Regrets Picking Fed's Powell WSJ Reports

"Every time we do something great, he raises the interest rates", Trump told the WSJ. "To me the Fed is the biggest risk, because I think interest rates are being raised too quickly". The Federal Reserve-the central bank of US-aims to set interest rates with fighting inflation and maximizing employment rate. "They have a right to act the way they do", Hatch said.

While till recently American presidents have refrained from commenting on federal policy, Mr. Trump was quick to say during an interview with Wall Street Journal that "Fed is the biggest risk to U.S. economy as they are raising interest rates very sharply and it appears as if Jerome Powell is very happy about it".

President Trump is calling out the Federal Reserve for treating him different than former President Obama.

"I supported the FOMC's [Federal Open Market Committee] decision last month to raise the target for the federal funds rate to a range of 2 to 2.25 percent", he said October 25 at the Peterson Institute for International Economics, a Washington-based think tank.

Asked on Wednesday about the president's broadside against the central bank, Republican Sen. Mike Crapo, R-Idaho, declined to comment about whether he's pleased with Powell.

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George Washington University political scientist Sarah Binder, who published a book on the Fed's relations with elected officials, said that while Trump's tweets and media outbursts gain much attention, they fall short of the in-person demands presidents in the 1960s and 1970s made of Fed chiefs.

Powell has so far brushed off the attacks, noting that the Fed is independent and arguing that by raising rates gradually it's just seeking to normalize monetary policy in an "extraordinary" economy. His criticism could mount if the recent sell-off in stocks continues.

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. He later said during a telephone interview on Fox News that the central bank was "going loco" for raising rates. When factoring in inflation, the rate on short-term borrowing is near zero percent.

The fed funds rate target is now 1.75 percent to 2 percent, and that is the rate closely tied to consumer debt, particularly credit cards, home equity lines and other adjustable-rate loans. A Reuters report yesterday said the savvy Fed chair had at least 33 meetings with members of Congress in June, July and August, according to Fed calendars, and had three times as many congressional meetings in his first seven months in office as did his predecessor, Janet Yellen.

U.S. presidents usually remain silent on such issues in respect toward the Fed's independence.

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