Trump slams the Federal Reserve for raising interest rates saying he 'couldn't care less' if critics say he is attacking its independence
President Donald Trump said in a new interview said he was 'not thrilled' with the Fed's actions
He said he was 'not happy' even as he praised fed chair he nominated, Jerome Powell
Said he could 'care less' about usual mores that a president should not publicly tell the independent Fed what to do
White House forced to release statement that 'of course' Trump respects the Fed's independence
The fed has hiked rates 7 times since 2015 amid economic expansion
The White House was forced to release a statement saying 'of course' President Trump respects the 'independence' of the Federal Reserve after he blasted the Fed's decision to raise interest rates.
Trump denounced the rate hikes in an interview with CNBC, just the latest time he has strayed from the traditions normally observed by the president. He said he was 'not happy' about recent rate hikes.
'Of course the President respects the independence of the Fed. As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions,' according to a statement from the White House following broadcast of the interview.
Hoping to keep a lid on inflation as the world's largest economy gathers pace, the Fed has raised its benchmark lending rate seven times since 2015 and expects two more rate hikes this year.
Doing so slows growth, as it raises the cost of borrowing, but can also prevent the economy from overheating and tipping into recession.
'I'm not thrilled,' Trump told CNBC in an interview aired Thursday. 'Because we go up and every time you go up they want to raise rates again.'
'I'm not happy about it. But at the same time I'm letting them do what they feel is best.'
Trump said higher interest rates left the United States at a disadvantage when compared to the European Union and Japan, where easy money policies persist.
The dollar index turned negative following the release of Trump's remarks, which were excerpted from a longer interview due to air Friday morning.
The Fed is now chaired by Trump appointee Jerome Powell, whom Trump described as 'a very good man.'
Economists say state intervention in the affairs of central banks can have disastrous consequences, leading to hyper-inflation and devalued currencies.
https:// www.dailymail.co.uk/news/article-5971811/Trump-not-happy-Fed-rates.html