What Trump Says Is the Biggest Threat to His Presidency

Daniel Fowler
October 18, 2018

"Participants generally anticipated that further gradual increases in the target range for the federal funds rate would most likely be consistent with a sustained economic expansion, strong labor market conditions, and inflation near 2 percent over the medium term", the Fed's minutes said.

Trump has repeatedly criticized the Fed for rate increases, ratcheting up his rhetoric in recent days. But Trump in the past week has called the Fed "crazy", "loco", "ridiculous", and "too cute".

USA central bankers see no reason to pause the current course of gradual rate hikes that have infuriated President Donald Trump and some even say the Federal Reserve may soon need to slow the economy, according to meeting minutes released Wednesday.

President Donald Trump's unhappiness with the Federal Reserve for hiking interest rates seems to be having little sway with policymakers.

The broadly united front could bolster expectations the central bank will raise rates a fourth time this year in December, but the minutes also show the committee remains split on how much further to raise rates next year.

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Key U.S. economic data to watch today includes the Philadelphia Fed Manufacturing Index, the Conference Board's Leading Index and Weekly Unemployment Claims.

In Tuesday's interview, though, Trump said of his other nominees for the Fed, "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people". That would put it above the 3 percent level which the Fed now pegs as its "neutral rate".

"A few participants expected that policy would need to become modestly restrictive for a time", according to the minutes.

Furthermore, "some" at the meeting said that risks grew as the U.S. economy increasingly outpaces its rivals' more sluggish growth "because of the potential for further strengthening of the dollar".

Markets fear currency crises in Turkey, Argentina and other emerging market economies could spread beyond their borders - something that could be sparked as investors pull out to take advantage of higher rates in the US. Bullish factors for gold include stock market volatility and weakness, a falling U.S. Dollar and a drop in interest rates.

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