Trump rips Fed again for hiking interest rates

US Dollar Sinks as President Trump Hits Fed on Hikes

The president also said the European Union is "making money easy" and China is manipulating its currency. Bloomberg's headline says Trump "trespass [ed] on Fed's independence".

"I don't necessarily agree with it, because he's raising interest rates ..."

Trump's comments come amid a multitude of trade threats between major economies around the globe and after his initial tariffs on Chinese goods sparked a major conflict. Presidents have traditionally delegated the nation's stance on the dollar to the Treasury secretary, who usually hews to the position that a strong dollar is good for the economy.

Policymakers around the world go out of their way to maintain the independence of their central banks, because the temptation to use monetary policy as a political tool by elected officials is too great. USA stock prices also briefly pared losses after news of his remarks. The released Nixon tapes revealed numerous conversations between the president and Burns in which Nixon pressures the Fed chair to keep rates low. The dollar, which has strengthened more than 5 per cent since the middle of April, fell after Trump's remarks.

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In afternoon trading, the dollar index was 0.77 percent weaker at 94.417, after hitting a one-year high of 95.62 in the previous session. "At the very least, it injects uncertainty into the markets".

In congressional testimony this week, though, he expressed concern about Trump's confrontational trade policies.

"It's proof, if it were needed, that the president is prepared to go all the way in the trade war to exact concessions from China, which simply can not match the United States firepower".

His remarks anxious investors already grappling with the impact of a strengthening dollar on corporate results, and key stock indexes on Wall Street dropped at the open on Friday. At their last meeting, G20 finance chiefs stuck to their commitment to avoid devaluing their currencies for competitive purposes.

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George H.W. Bush's administration complained that he felt the Fed's failure to cut rates more quickly in 1992 contributed to his re-election defeat that year.

Hatch took aim at tariffs imposed by Trump not only on China but also on US allies and partners in Europe, Canada and Mexico.

This was not the first time Trump departed from a long-standing practice by United States presidents of respecting the Federal Reserve's independence by refraining from commenting on interest rates or the value of the U.S. dollar, a custom he dismissed.

Goods already affected by Trump's tariffs against China include batteries, trains, and ball bearings, but they could extend to more consumer goods if further tariffs are imposed.

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