Trump says Fed is 'out of control'

U.S. President Trump boards Air Force One prior to departing from Joint Base Andrews Maryland

In a press conference ahead of official IMF and World Bank talks in Bali, the managing director of the International Monetary Fund, Christine Lagarde, on Thursday defended central bank rate increases in the United States in what appeared to be a veiled rebuke to US President Donald Trump's most recent remarks about the Federal Reserve. "Actually, it's a correction that we've been waiting for, for a long time", Trump said.

"Their economy has gone down very substantially and I have a lot more to do if I want to do it", Trump said in an interview with Fox News. "I think our nominees have been absolutely first rate".

"The -4.2 percent drop in the S&P 500 over the past five days has been triggered in part by fears over corporate earnings as trade uncertainties, rising input costs and higher interest costs start to bite", said economist Louis Gave of Gavekal Research in a report.

While acknowledging that higher rates helped savers, he criticised the Federal Reserve's moves. "I like to stay uninvolved", Trump said.

Even the sharp rise in long-term bond yields that has spooked equity investors this week is a sign of an economy working more normally than it has since the financial crisis.

Trump said the downslide of the stock was in fact a course correction.

Trump indicated he had not spoken with Powell.

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However, asked about Powell's future, Trump said, "I'm not going to fire him". Economists generally agree that in order to prevent runaway inflation, the Federal Reserve can raise interest rates to restrain the money supply. The president is not dictating policy to the Fed.

In a phone-in interview with Fox News, Trump said U.S. tariffs on Chinese goods are having a "big impact" and that the Chinese have lived too well for too long.

Inflation, which had been worrisomely low in Mr Evans' view, is now at the Fed's 2-per cent target. The central bank expects to raise the federal funds rate one more time in 2018 and three times in 2019.

The president has been publicly criticizing the central bank since July for interest-rate increases and declared he was "not happy" in September after the third rate hike of the year.

Some of his former advisers said they believed Trump's criticisms of the central bank were warranted.

"The markets are fraught with peril", warned Stephen Innes, head of trading at OANDA, adding there was a "horrible intersection of risk aversion" from the US-China trade conflict and rising US interest rates. Although the drop was unusually large, the stock market has been on a historic run of gain since the president's inauguration.

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