Economy

Trump says he’s ‘not happy’ about Fed rate hike

Trump says he’s ‘not happy’ about Fed rate hike

"Unfortunately, they just raised interest rates", Mr Trump said at a press conference in NY, where he was attending the annual United Nations General Assembly.

Wall Street stocks finished lower on Wednesday (Sep 26) after the Federal Reserve lifted interest rates again and signalled it expects to continue raising rates gradually amid solid U.S. growth.

In their announcement after a two-day meeting, Fed officials no longer called their monetary policy "accommodative".

"Inflation is at target, the unemployment rate is below target and falling, and yet the funds rate remains 100bp below the Fed's estimate of its neutral level", said Goldman Sachs economists Jan Hatzius and David Mericle in a note published last week.

The median FOMC year-end funds rate forecast still point to another rate increase this year and another three in 2019, identical to those offered three months ago and still higher than what markets now expect.

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The Fed's actions and its updated economic forecasts Wednesday had been widely anticipated.

In addition to its formal statement, the Fed released the economic projections of the members of its Federal Open Markets Committee. That wording had become less and less accurate since the central bank began increasing rates in late 2015 from a near-zero level, and its removal means the Fed now considers rates near neutral, Reuters said.

Since the Fed's last meeting, job creation and GDP numbers have shown robust health, wages have risen and inflation has firmed, while measures of industrial activity and the housing market are among the few that have softened.

"The higher pricing in the contracts was not large enough to alter traders' expectations for a Fed rate hike in December, which would bring it to a target range of 2.25 percent to 2.50 percent".

The Fed inserted no substitute language for the dropped "accommodative" wording in its statement. If any more board members indicate they think a December rate hike is merited now, it will be seen as almost a done deal.

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"We're doing great as a country".

Trump's reaction Fed Chairman Powell in the press conference said that policymakers haven't been affected by political considerations.

The jobless rate is now 3.9 percent. It's possible the Fed could eliminate that part of the statement today, another signal the central bank plans to stay the course on raising rates. It raised its projected gross domestic product growth for this year to 3.1 percent from the 2.8 percent it projected in June.

"I don't like all this work that we're putting into the economy and then I see rates going up", Trump said in July.

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