Tag: Federal Reserve

Trump economic adviser Larry Kudlow praised Rep. Alexandria Ocasio-Cortez for her questions to Federal Reserve Chairman Jerome Powell. #FoxNews FOX News operates the FOX News Channel (FNC), FOX Business Network (FBN), FOX News Radio, FOX News Headlines 24/7, FOXNews.com and…

The Story: The US Federal Reserve has received a lot of criticism in recent months for what many see as an overly rigid stance toward...

Economic commentator Stephen Moore has withdrawn his name from consideration to sit on the Federal Reserve Board of Governors, President Donald Trump tweeted. "Steve Moore, a great pro-growth economist and a truly fine person, has decided to withdraw from the…

The president is hoping to make his economic record a cornerstone of his re-election campaign, but is a bond market recession coming? White House economic adviser Larry Kudlow reacts on 'Journal Editorial Report.' FOX News operates the FOX News Channel…

(CNN)Federal Reserve Chairman Jerome Powell said repeated political attacks by President Donald Trump had zero influence on the central bank's decision to slow down interest rate hikes. Not at all," said Powell in an interview with the CBS news program "60 Minutes" on Sunday. "And it's very important that the public understand that we are always going to make a decision based on what we think is right for the American people." Powell explained that the Fed's decision in January to pause raising rates was because the global economy was showing signs of slowing and other risks to the US economy were rising. The Fed chairman has repeatedly made the case for a patient, measured approach, describing the US economy in a "good place," where policy makers "don't feel any hurry to change our interest rate policy." Since then, Fed officials have pointed to a spike in volatility in financial markets at the end of last year, a slowdown of growth in China and Europe, and uncertainty around unresolved policy issues including trade negotiations with China and the United Kingdom's exit from the European Union as reasons to be more cautious. When repeatedly pressed whether he had a "rule" about discussing the President, Powell flatly said, "I don't think it's appropriate. Instead, he said his responsibility is to fulfill the job Congress assigned the Fed: to ensure as many Americans are working as possible and to keep prices stable -- a role, he says, he plans to keep until his four-year term expires. Powell waved off any imminent concerns of a looming recession, saying he anticipates the US economy will grow at a "healthy rate." He also said he sees no reason why the economic expansion, which will be the longest in history in a few months, won't continue.

The effect is amplified in an election year. That resulted in pump prices hitting all-time highs in rupee terms in Indian cities of 91.20 rupees ($1.22) per liter for petrol and 80.10 rupees per liter for diesel though international crude prices had only touched a four-year peak. The central government finally caved in to public and political pressure in early October, whittling down the excise tax on petrol and diesel by 1.50 rupees (2 cents) per liter from 19.48 rupees and 15.33 rupees per liter respectively. The country's public-sector refiners were asked to cut prices by another 1 rupee per liter, out of their pockets. As the pre-election political rhetoric in India rises in the coming months, it will be important for the ruling BJP government as well as the Congress, the main opposition party, to avoid engaging in oil price populism. But managing the country's growing crude imports and foreign exchange outflows as well as domestic fuel pricing policies is only a facet of a comprehensive energy strategy India needs, not just for the next few months or years, but decades. The current government earned respect within the country and internationally by opening a channel of communication with OPEC leaders and the Middle Eastern oil producers, from whom India gets the bulk of its crude needs, as crude prices raced up over the second and third quarter of 2018. As the world's third largest oil consumer and crude importer spoke, OPEC listened. A string of energy policy reforms initiated or accelerated by the Modi government will need to be sustained, irrespective of which political party or coalition takes over after the election. These include India's push for cleaner fuel rules to reduce harmful vehicular emissions, full deregulation of oil product prices, a boost in production and consumption of biofuels, ambitious plans to raise renewable energy's share in the power sector and lift electric vehicle sales targets.

(CNN)In President Donald Trump's Christmas Day telling, the drugs are flowing over the border, the Federal Reserve is imperiling the economy and the Democrats are preparing to harass him with oversight requests. "It's a disgrace, what's happening in our country," Trump fumed, seated behind the Resolute Desk on Tuesday, after decrying Democrats as hypocrites and recalling -- unprompted -- his firing of former FBI Director James Comey. Trump acknowledged the standoff with Democrats over funding for his long-promised border wall has no foreseeable end date. He's the first president to spend Christmas at the White House in 18 years; the last was Bill Clinton in 2000. He claimed, without evidence, that federal employees on furlough or working without pay understand his demand for a border wall -- and support him in his mission. He insisted in lengthy remarks the prolonged shutdown was the fault of Democrats, and repeated his demands a border barrier be funded before the government can reopen. Describing the opposing party as hypocrites for what he claimed was onetime support for a border wall, Trump transitioned sharply into a screed on Comey, who he fired early in his term. The Democrats hated him. They were calling for his firing," Trump said. Some Democrats faulted Comey for his handling of the investigation into Hillary Clinton's emails.

“It’s Christmas Eve and President Trump is plunging the country into chaos,” the two top Democrats in Congress, House speaker nominee Nancy Pelosi and Senate minority leader Chuck Schumer, wrote in a joint statement on Monday. Trump links Federal Reserve to 'a powerful golfer who can't putt' Read more “The stock market is tanking and the president is waging a personal war on the Federal Reserve – after he just fired the Secretary of Defense.” Trump criticized the Federal Reserve on Monday, describing it as the “only problem” for the US economy, even as top officials convened the “plunge protection team” forged after the 1987 crash to discuss the growing rout in stock markets. “The Fed is like a powerful golfer who can’t score because he has no touch – he can’t putt!” Trump has frequently criticized the Fed’s raising of interest rates this year and has gone after Powell several times, telling Reuters in August he was “not thrilled” with his own appointee. The Fed increased rates again last week. Mnuchin said on Sunday that he had called CEOs from the nation’s six largest banks – Bank of America, Citi, Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo. Trump nevertheless railed against the Federal Reserve on Monday. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. Trump tweeted on Monday that he was “all alone (poor me) in the White House waiting for the Democrats” to make a deal. Donald J. Trump (@realDonaldTrump) I am all alone (poor me) in the White House waiting for the Democrats to come back and make a deal on desperately needed Border Security. “I don’t think things are going to move very quickly,” he said.

President Donald Trump lashed out at the Federal Reserve on Monday after administration officials spent the weekend trying to assure the public and financial markets that Jerome Powell’s job as Fed chairman was safe. “The only problem our economy has is the Fed,” the president tweeted Monday. “They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch — he can’t putt!” On Wall Street, stocks had already been down but intensified their fall after Trump’s tweet. Markets are facing their worst month in a decade over fears about a U.S. trade war with China, a slowing global economy and chaos in the Trump White House. By the close of a holiday-shortened trading session Monday, the Dow Jones Industrial Average had sunk 653 points for the day — 2.9 percent. It ensures that central bankers can make politically unpopular decisions, such as fighting high inflation in the 1980s or rescuing banks after the 2008 financial crisis. Sen. Richard Shelby of Alabama, a senior Republican on the Banking Committee, has cautioned against removing Powell. Fed officials voted unanimously to increase rates last week. The president expressed his displeasure Monday with the Fed after Treasury Secretary Steve Mnuchin had tweeted on Saturday that Powell’s job was safe.