Trump breaks longstanding precedent of American presidents not commenting on the Fed, says he isn't 'thrilled' about rate hikes
Jae C. Hong/AP Images
- The US dollar index slipped on Thursday after President Donald Trump said he isn't "thrilled" with the Federal Reserve raising interest rates.
- The comment breaks with longstanding tradition of presidents not commenting on central bank policy.
The dollar slipped Thursday after President Donald Trump said he is "not thrilled" about interest rate hikes, breaking with the longstanding precedent of American presidents not commenting on central bank policy out of respect for its independence from political influence.The greenback was down 0.1% on the Dollar Index, which measures the currencies against a basket of peers. It fell more than 0.5% following the president's comments.Advertisement
"Because we go up and every time you go up they want to raise rates again. I don't really - I am not happy about it. But at the same time I'm letting them do what they feel is best," Trump told CNBC in an interview.
The Federal Reserve in June raised the benchmark rate by 25 basis points to a range between 1.75% and 2%. It is expected to hike two more times before the end of the year.A president weighing in on central bank policy can put into question the independence of the institution.
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