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Trump Steps Up Fed Criticism | US GDP Stays Unchanged
Published November 28, 2018
President Donald Trump repeated his displeasure with Federal Reserve Chairman Jerome Powell’s policies. President Donald Trump said in an interview that he blames Powell for Wall Street’s recent selloff and General Motor’s decision to close several plants and slash jobs. Trump also claimed that rising interest rates were hurting the economy and said he regretted appointing Powell to lead the central bank earlier this year.
The US economy maintained its growth rate during the third quarter, with the gross domestic product increasing at a 3.5 percent annualized rate in line with analyst expectations.
National Economic Council Director Larry Kudlow voiced skepticism over the upcoming meeting between President Trump and Chinese President Xi Jinping, suggesting the two leaders may not be able to resolve their escalating trade fight.
Fed Vice Chair Richard Clarida said the central bank should take a gradual approach to rate hikes and should be more attentive to new economic data. He also said the Fed is much closer to a neutral rate of interest than it was when it started hiking in December 2015.