This was not the first time Trump has been displeased with the direction the Fed is taking. In September, after the U.S. central bank decided once again to raise rates, Trump said he was “worried about the fact that they seem to like raising interest rates, we can do other things with the money.”
The central bank’s benchmark rate sets all sorts of loans and mortgages across the U.S. and raising the rate essentially makes borrowing more expensive in the economy. The interest rate has been at record lows in the last few years as it was quickly lowered after the global financial crash to stimulate lending and boost growth.
Christine Lagarde, the managing director of the International Monetary Fund, also told CNBC that she would not associate Powell with “craziness.”
“He comes across and members of his board as extremely serious, solid and certainly keen to base their decisions on actual information and the desire to communicate that properly. That’s what I have observed,” Lagarde told Geoff Cutmore on Thursday.
All content belongs to respective owners, this article was originally and re-published from following: https://www.cnbc.com/2018/10/11/top-officials-praise-the-fed-and-its-independence-after-new-attacks-from-president-trump.html. Please contact via contact form for complaints or suggestions.