Fed criticism drives dollar to eight-week low against yen

Trump's efforts to use import tariffs to force concessions on trade from China and other countries also creates potential challenges for the Fed, Stein said, because while the tariffs can boost prices, they may also lead to slower economic growth.

American presidents have rarely criticized the Fed in recent decades because the independence of the Fed is seen as important for economic stability.

The benchmark USA interest rate, which plays a large role in setting borrowing costs for mortgages, credit cards, small businesses and auto loans, has roughly tripled since Trump was sworn into office a year ago.

This isn't the first time Trump has taken exception to the Fed's gradual interest-rate hikes. It followed reports earlier in the day that Trump had criticised Powell at a private GOP fundraiser.

But Kohn said it does put more pressure on Powell and other Fed officials to explain their actions and their perspectives.

The Fed has been carefully and gradually raising rates over the past several years to keep inflation in check and to prevent the economy from overheating. 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.

Gatwick flight information screens fail
Gatwick says the electronic boards were displaying incorrect information because of a damaged fibre-optic cable. Photos posted on social media showed people crowding around the boards to find out the latest on their flights.

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

Powell, a Republican, supported former Fed Chair Janet YellenJanet Louise YellenTrump attacks pose new test for Fed chief Trump criticizes Fed for rate hikes in break with precedent Signs of global stress will test Federal Reserve on economy MORE's decisions to hold off on rate hikes until late 2015. "So I would hope the president would refrain from making comments like that". According to Bloomberg, Trump said he expected Powell to be what the news service said was a "cheap-money Fed chairman".

Donald Trump's remarks are the most personal criticism of Jerome Powell's performance so far.

There are a total of seven governors on the Fed Board, all of whom have a vote on setting interest rates, and Trump still has one remaining vacancy to fill should his current slate of nominees win approval from the Senate.

President Donald Trump is chastising the Federal Reserve chairman yet again.

FILE PHOTO: A security guard patrols the Federal Reserve building in Washington, DC, U.S., July 16, 2018.

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