Economy

Gold prices extend gains as dollar sags after Donald Trump remarks

Gold prices extend gains as dollar sags after Donald Trump remarks

President Donald Trump continued to blast the Federal Reserve's recent interest rate hikes in an interview Monday, days after complaining about Federal Reserve Chairman at a private GOP fundraiser.

"The dollar has slipped in response to President Trump's comments, though the underlying upward trend remains intact", VTB Capital economist Neil MacKinnon said on Tuesday.

Atlanta Fed President Raphael Bostic said on Monday he was maintaining his expectation for one more interest rate hike this year, as trade tensions and worldwide events add some downside risk to an otherwise strong United States outlook.

The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the US experiences record low unemployment and stable inflation. "The other countries are accommodated", Mr. Trump said, saying that both China and the European Union are manipulating their currencies. The narrow gap between long-term and short-term Treasury yields shows investors see slower growth ahead, he said, and also suggest the US economy is in the late stages of an economic expansion that looks headed to be one of the longest in history.

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The plane was expected to land at Teterboro around 12:20 p.m. but was diverted to Stewart International Airport in Orange County. According to TMZ , just moments ago the plane, which departed from a New Jersey airport, had an issue with its tires.

In developed economies, central banks are independent of political control.

Most analysts think that Trump's criticism will have little effect on the Fed's rate-hike plans, given the USA central bank's legal independence.

Will Trump be able to pressure Powell into changing course? According to Bloomberg, Trump said he expected Powell to be what the news service said was a "cheap-money Fed chairman".

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 previous year. In July, the president's criticism of the Fed also caused the dollar to weaken.

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However, whether he can persuade Europe to continue that journey is another matter. Reuters was not immediately able to identify contact information for Tsareva.

The central bank has raised interest rates twice during Powell's tenure, and is it expected to raise rates twice more this year, including when it next meets, in September. He is unhappy with the Fed continuing to normalize rates, and wants Fed policy to remain very accommodative.

People's Bank of China official Li Bo also told reporters that China's yuan exchange rate was primarily market driven and that flexibility of the yuan exchange rate had increased.

A Fed spokesperson declined to comment.

This would not be Trump's first criticism of Powell and the Fed. "This can only happen to Trump", the president reportedly joked. 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.

Twitch Cuts Ad-Free Viewing Benefit From Prime Membership
Although Twitch is dropping the ad-free perk, it's promising new "premium benefits" to the Prime program in the near future . Twitch has also stated that there will also be ad-free options for specific channels who choose to turn the option on.

Trump nominated Powell and was told by key advisers that Powell would not move aggressively to raise interest rates.


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