Alarm over Donald Trump complaints about his pick for US Fed chair

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

The statement comes after a report that Trump complained about Federal Reserve Chair Jerome Powell and the central bank's recent interest-rate hikes during a fundraiser in Southampton, New York, on Friday.

Trump told Reuters that he was "not thrilled" by Powell's decision to raise interest rates and would continue to criticise the Fed if interest rate hikes continued.

Asked if he believed in the Fed's independence, Trump said: "I believe in the Fed doing what's good for the country". "I should be given some help by the Fed".

He said the Fed was designed so that it would be accountable to policy makers and the public, but it was also created to be somewhat independent from jawboning from the White House. He said during an interview Monday that other countries get help from their central banks during trade disputes with the U.S.

Financial market analysts doubt current Fed policy makers are likely to be cowed by Trump's outbursts over their policy choices.

The US President Donald Trump's critical comments on the Fed's policy tightening kept exerting downward pressure on the US Dollar and turned out to be one of the key factors driving the pair higher.

"I'm not thrilled with his raising of interest rates, no, I'm not thrilled", he said.

Presidents usually avoid criticizing the central bank, which is created to be independent from political interference. "I'm not thrilled", Trump said, referring to Powell.

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He also said he believed the euro was being manipulated.

The president's top economic advisers have repeatedly urged Trump not to attack the Fed.

Donald Trump chose Jerome Powell previous year to head the United States central bank, promoting a soft-spoken centrist to replace Janet Yellen.

"I am not happy about it".

Federal Reserve chairman Jerome Powell has raised rates five times over the span of Trump's administration thus far, including twice this year. Trump said to Reuters about Powell.

"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. According to Board of Governor's meeting records released after each of these increases, Powell was fully in support of the policy put in place by Yellin back in December 2015 and that he has been a strong advocate for the modest interest rate increases that have taken place since he took office earlier this year.

After sliding to a two-year low of 15.70 last week as the Turkish crisis triggered a broad flight from emerging markets, the rand has regained some ground, advancing around 8% in the last seven days as the greenback's rally faltered.

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