Dollar dented by Trump's Fed comments

Trump Attacks Fed Reserve Chairman For Not Acting Like A 'Cheap Money' Central Banker

For the second time in a month, President Trump publicly expressed his displeasure with the Federal Reserve raising interest rates, saying that it should be more accommodating to economic growth.

US central bankers discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households, minutes of the Federal Reserve's last policy meeting showed on Wednesday.

Keeping global trade conflict concerns on the boil, Trump said in an interview with Reuters on Monday that China was manipulating the yuan to make up for having to pay tariffs imposed by Washington on some imports from China.

President Trump is preparing to slap import duties on a further $200 billion of Chinese goods, meaning that his sanctions would cover almost half of imports from the country. "I should be given some help by the Fed".

Already, tighter U.S monetary policy has contributed to strain in emerging markets like Turkey, and any disruption overseas could potentially feed back into US financial markets and ultimately the country's growth trajectory. "The other countries are accommodated".

The U.S. unemployment rate is now 3.9 percent, well below what the Fed deems full employment, and bank officials have gradually increased their rate hike forecasts through 2018.

Since Trump took office, the Fed has raised rates five times, including twice this year under Powell.

USA stocks fluctuated and the dollar fell following the report.

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The staff gave a presentation on the lower boundary on interest rates and alternative policy tools.

The minutes said that "further gradual increases" in their target rate "would be consistent with a sustained expansion of economic activity, strong labor market conditions and inflation near the committee's symmetric 2 per cent objective over the medium term".

Trump, who also criticized the Fed as a candidate for president in 2016, said other countries benefited from their central banks' moves during tough trade talks, but the United States was not getting support from the Fed. But Trump has repeatedly lashed out at Fed Chairman Jerome Powell.

Kohn said he didn't think Powell or the Fed would change their course because of Trump's remarks.

The president nominated Powell a year ago to replace former Fed Chair Janet Yellen.

"I am not happy about it". Staff economists also "continued to assume that the projected decline in the unemployment rate would be attenuated by a greater-than-usual cyclical improvement in the labor force participation rate", the minutes said.

Mr. Trump's comments about Mr. Powell were first reported by Bloomberg.

"We're going to do our business in a way that's strictly non-political, without taking political issues into consideration, and that carries out the mandate Congress has given us", he said.

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