Dollar Rises As Fed Minutes Signal More Tightening Ahead

20 Octobre, 2018, 01:45 | Auteur: Auguste Feret
  • Trump slams ‘too independent’ Fed as his ‘biggest threat

NO: The Fed rate is a principal tool in its toolbox to manage the economy in the event of excessive inflation, bank failure or recession. He said the Fed is moving too fast and did not want the economy to slow. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. Neutral is the level of interest rates judged to be neither accommodative nor punitive to the economy.

But some Fed members warned that instability in emerging economies - many of which are heavily indebted and vulnerable when United States rates rise - could "spread more broadly through the global economy and financial markets".

Despite Trump's criticism, CNN reported that members at the most recent Federal Reserve meeting argued for continuing with the plan of raising the rate once more in December.

"The acceleration in market decline coincided with news that Treasury Secretary Mnuchin is the latest official to pull out of the upcoming Saudi Arabian investment conference", said Ryan Larson, head of US equity trading at RBC Global Asset Management in Chicago.

The discussion, revealed Wednesday in minutes of the Fed's September 25-26 policy meeting, showed that a few participants thought the Fed's key rate would need to "become modestly restrictive for a time" to prevent inflation from climbing too high.

Regardless of actual White House policy, Mr. Trump's public berating of the Fed could perversely be having the opposite effect than the president intends, many economists say.

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But, amid brisk American expansion, some Fed policymakers also warned of looming dangers to the world economy, such as the potential for a strengthening USA dollar and possible contagion from sputtering emerging markets, according to minutes from the Fed's most recent meeting three weeks ago.

Many on Wall Street and in government have decried the president's attacks on the Fed, pointing to the long-term danger of undermining the USA central bank.

Trump, who has openly criticized the Fed since July, doubled down on Tuesday, declaring the Fed his "biggest threat" in an interview on Fox Business. Along with low unemployment, inflation is roughly at the Fed's 2 percent target.

Former National Economic Council director Gary Cohn said on Thursday he doesn't think President Donald Trump should comment on independent agencies, after the President's repeated comments bashing the Federal Reserve. "It has rationalized the (Fed's) path", Bullard said.

Trump has recently been vocal in his displeasure with the pace of the Fed's interest rate hikes.

As for public speeches scheduled for today, ECB Governing Council member Ewald Nowotny will be talking on "the future of financing and currencies" at 0800 GMT, while ECB Executive Board Member Benoit Coeure and ECB President Mario Draghi are due to speak in the Euro Summit which concludes today in Brussels. The Fed believes that regardless of the criticism from the administration, increasing the benchmark rate is still the best policy.

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