Trump takes swipe at Fed for raising interest rates too quickly

Every policymaker backed the Fed's September rate increase, according to the minutes of the Sept. 25-26 meeting, published Wednesday.

But, amid brisk American expansion, some Fed policymakers also warned of looming dangers to the world economy, such as the potential for a strengthening USA dollar and possible contagion from sputtering emerging markets, according to minutes from the Fed's most recent meeting three weeks ago.

As well as making life more hard for U.S. exporters, a stronger greenback also raises the borrowing costs of many heavily-indebted emerging market economies, such as those in Latin America which have high levels of dollar-denominated borrowing.

"This gradual approach would balance the risk of tightening monetary policy too quickly, which could lead to an abrupt slowing in the economy and inflation moving below the Committee's objective, against the risk of moving too slowly, which could engender inflation persistently above the objective and possibly contribute to a buildup of financial imbalances", the minutes said.

China's benchmark stock index skidded to four-year lows and dragged Asian equities down on Thursday, as renewed fears of a broadening economic impact from an escalating Sino-U.S. trade conflict sapped confidence. 10 year Treasury yield last stood at 3.210 percent, 2.8 basis points higher than the USA close.

The U.S. dollar index.DXY and Treasury yields rose to its highest levels in a week on Wednesday.

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Speaking on Fox News on 16 October he said: "The Fed is raising rates too fast". The display of unanimity could bolster expectations the central bank will raise rates a fourth time this year in December. Trump has accused the Fed of endangering the country's economic health, this week saying the central bank is his "biggest threat" and last week calling the central bank "crazy", "loco", "ridiculous", and "too cute".

Furthermore, "some" at the meeting said that risks grew as the United States economy increasingly outpaces its rivals' more sluggish growth "because of the potential for further strengthening of the dollar".

FILE PHOTO: A jogger runs past the Federal Reserve building in Washington, DC, U.S., August 22, 2018.

'A few participants expected that policy would need to become modestly restrictive for a time, ' according to the minutes. The Fed continues to debate the precise short-term neutral rate, while its median estimate for a long-run neutral rate is 3 percent.

Further rate hikes "would most likely be consistent" with the current period of firming inflation and historically low unemployment, according to minutes from the Federal Reserve's most recent meeting three weeks ago.

Fed members said Trump's trade wars both created uncertainty and could boost inflation.

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