Trump Wants Feds To 'Feel The Market' Instead Of Using 'Meaningless Numbers'

Fed likely to raise rates in December

Trump took to Twitter Tuesday morning, imploring the Federal Reserve officials to read an editorial in the Wall Street Journal and not "make yet another mistake" by raising interest rates again.

The president isn't wrong about the dollar, which has made modest gains against a basket of currencies, hitting a 19-month high at close on Friday. Many analysts think the Fed will signal Wednesday that it's considering whether to slow or suspend its rate hikes in 2019 to avoid weakening the economy too much.

The president cited the strong US dollar, steady inflation rate, and slowing growth in China as key factors the central bank considers in determining the course of national monetary policy.

Trump urged the Fed to ignore economic data and "feel the market". While there may be an economic case for Chairman Jerome Powell to hold off on the ninth rate hike since December 2015, a larger threat may be eroding the Fed's inflation-fighting credibility by appearing to cave to Trump's demands.

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A growing number of economists share Trump's basic argument - albeit in more diplomatic language - and have dramatically rolled back estimates for the number of increases in the benchmark lending rate they expect next year.

It is highly unusual for a president to be publicly vocal in any criticism of the Fed, though many presidents have complained privately about higher interest rates.

The stock market is enduring a painful stretch, with steep losses Monday sending USA stocks to their lowest levels in more than a year.

"Now, I'm just saying the same thing that I would have said as a private citizen", he said during the interview. And some predict that the rate increases, which began three years ago, will end altogether next year.

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Even though the Fed has shed over $370 billion in assets since starting the great unwind, the balance sheet still sits at a gargantuan $4.0 trillion.

"Of course the President respects the independence of the Fed".

During his presidency, Richard Nixon convinced the Federal Reserve to keep interest rates low, reasoning that inflation was better than any rise in unemployment due to rising interest rates.

Trump has repeatedly broken with norms of recent decades, hammering the central bank this year over its moves away from the zero interest rate policy implemented during the global financial crisis. Powell will speak at a news conference at 2:30 p.m.

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