Trump criticizes Federal Reserve interest rate policy
U.S. President Donald Trump criticized Federal Reserve policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong U.S. dollar.
Trump said he was concerned about the potential impact on the U.S. economy and American corporate competitiveness from rising rates and a stronger dollar.
"I’m not thrilled. Because we go up and every time you go up they want to raise rates again ... I am not happy about it. But at the same time I’m letting them do what they feel is best," the president said in an interview on CNBC television
"I don’t like all of this work that we’re putting into the economy and then I see rates going up," Trump added, noting that he was concerned that the "Chinese currency was dropping like a rock" and the strong U.S. dollar "puts us at a disadvantage."
Steady U.S. economic growth of around 2% in the first quarter of this year and rising interest rates, at a time when the European Central bank and the Bank of Japan are keeping their rates low, helped the U.S. dollar climb to its highest level in a year in July.