11.5 C
New York
Monday, October 18, 2021

Trump Blasts Fed Rate Hikes Again, Says Strong Dollar Hurts U.S.

Trump Blasts Fed Rate Hikes Again, Says Strong Dollar Hurts U.S.© Bloomberg. U.S. President Donald Trump speaks to members of the media after signing a proclamation declaring a day of prayer in the Oval Office of the White House in Washington, D.C., U.S., on Friday, Sept. 1, 2017. Trump declared Sunday, September 3 a national day of prayer for Hurricane Harvey victims.

(Bloomberg) — President Donald Trump again accused China of devaluing its currency and reiterated his criticism that the Federal Reserve is raising rates. Stocks and the dollar fell.

“China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day — taking away our big competitive edge,” Trump tweeted early Friday. “The United States should not be penalized because we are doing so well. Tightening now hurts all that we have done. The U.S. should be allowed to recapture what was lost due to illegal currency manipulation and BAD Trade Deals. Debt coming due & we are raising rates — Really?”

His comments that China and the EU are manipulating currencies contradict a Treasury Department semi-annual report released in April that refrained from naming any country a currency manipulator based on specific criteria.

The Bloomberg fell to its weakest levels of the day after Trump’s remarks. Futures on the declined.

Trump on Thursday criticized the Fed’s series of interest-rate increases, breaking with more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the U.S. central bank.

The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Chairman Jerome Powell, the president’s pick to replace Janet Yellen. In the interview, Trump called Powell a “very good man.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

10,820FansLike
12,893FollowersFollow
756FollowersFollow
- Advertisement -

Latest Articles

Popular Articles