Trump Turns Up Pressure on Federal Reserve Ahead of Rate Decision

‘Paris is burning’: Trump hails US economy while ‘outside world blowing up’

President Trump argued Monday on Twitter that it was "incredible" that Federal Reserve policy members were considering raising interest rates again, continuing his public campaign against tighter monetary policy.

The president isn't wrong about the dollar, which has made modest gains against a basket of currencies, hitting a 19-month high at close on Friday.

In an interview with Reuters last week, Trump said he needed the flexibility of lower rates to support the broader USA economy as he fights a growing trade battle against China, and potentially other countries.

Nearly all 60 economists polled by The Wall Street Journal earlier this month estimated that the Fed would raise rates again this week.

The Federal Open Market Committee begins a two-meeting in Washington on Tuesday, and trading in federal funds futures indicate a greater than 70 percent chance of the panel's fourth rate hike this year. Among the factors depressing the market are the Fed's rates hikes.

"Every time we do something great, he raises the interest rates", Mr. Trump said in an October 23 Oval Office interview with The Wall Street Journal, adding that Mr. Powell "almost looks like he's happy raising interest rates". However, considering just how dovish market pricing for 2019 is, the risks surrounding the dollar seem to be asymmetric, and skewed to the upside.

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President Donald Trump has repeatedly criticized the Fed for raising rates, saying its strict stance could deal a blow to the economy.

"We were assured by policy makers that QE provided large benefits to the real economy". Similar cycles of rate increases previously have resulted in stock-market crashes or economic recessions. Many economists also expect additional increases next year although at a slower pace. In addition, interest-rate sensitive sectors of the US economy such as housing and autos are under more pressure.

Sohn is forecasting that after expanding almost 3 percent this year, the economy will grow closer to a middling 2 percent in 2019. That means the central bank can let up to US$30 billion in Treasury and US$20 billion in agency debt run off without reinvestment each month.

At prior meetings, Mr Powell has emphasised near record low unemployment rates as well as inflation, which is around the Fed's 2% target.

The press conference with Mr Powell will be "particularly important", economists at Goldman Sachs said.

The president pointed to the Wall Street Journal editorial page which urged the Federal Reserve to "pause its double-barreled blitz of higher interest rates".

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