Federal Reserve unanimously backed higher interest rates, despite Trump

Trump: 'My Biggest Threat Is The Fed' – Talking Points Memo

President Donald Trump said this week the Federal Reserve is his "biggest threat", as he escalated his criticism of the central bank's monetary tightening.

"For now, the Fed has made it clear that they are focused on their agenda despite rising presidential pressure on their rate decisions", said Mike Loewengart, vice president of investment strategy at E-Trade. The Fed rate has slowly been ratcheting up as the economy has strengthened so they can battle the next economic calamity.

In the Treasuries market, the 10-year yield hit a one-week high on worries about the number of interest rate increases from the Fed.

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The Fed also took notice of clouds forming on the horizon.

Fed officials raised rates by a quarter percentage point last month to a range of 2 percent to 2.25 percent and updated quarterly forecasts that showed them on track to hike again this year - most likely in December - and push rates to 3.4 percent by the end of 2020. Shanghai's benchmark index closed at a near four-year low and China's premier warned of risks to the economy. "Obviously, presidents can speak out if they choose to and give their opinions about policy, there's no law against that, but I don't think it's wise and I do think the Fed has a strong reputation for acting in an independent and non-political way and I would not like to see that reputation damaged".

That's according to the minutes of the latest Fed meeting, in which every policymaker backed a move to raise interest rates in September. The goal was to bring interest rates to a higher level with the aim of having a buffer against any major crisis. He said that he expects relatively strong growth could continue without running into economic constraints, but that the Fed should pay attention to other indicators of tightness and overheating in addition to inflation, such as direct measures of labor utilization or signs of shortages and bottlenecks in production.

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"Of particular concern are China's lack of currency transparency and the recent weakness in its currency", Mnuchin said in releasing a twice-yearly report to Congress on how country's manage exchange rates and trade.

They also noted that some businesses said they were investing less in the energy sector due to tariffs on steel and aluminum imports, part of an array of trade conflicts the Trump administration has pursued with trading partners.

In Tuesday's interview, though, Trump said of his other nominees for the Fed, "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people". The Fed needs to push interest rates up by at least another full percentage point to prevent asset bubbles or an unwelcome acceleration in inflation.

Patriots fans throw beer at, flip off Tyreek Hill after clutch TD
Tight end Travis Kelce was a preferred target and Hill wound up with three catches for 43 yards before halftime. You know, we had control and then we let them back in the game with some - you know, the fumble was a bad play.

Powell defended the rate hikes in August, claiming the policy was the best way to maintain economic recovery and promote job growth while controlling inflation.

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