President Donald Trump urged the Federal Reserve on Tuesday not to raise interest rates as fast as it currently doing so because he does not want to slow down the U.S. economy “even a little bit.”
“I think we don’t have to go as fast” as the current pace of rate hikes, Trump told reporters at the White House. “The Fed is doing what they think is necessary, but I don’t like what they’re doing.”
Referring to upbeat U.S. economic data, Trump said, “I think that the numbers that we’re producing are record-setting. I don’t want to slow it down even a little bit, especially when you don’t have the problem of inflation and you don’t see that inflation coming back.”
Recent data showed the economy expanded an annualized real 4.2 percent in the April to June period, the highest rate of growth in nearly four years, while the unemployment rate hit 3.7 percent in September, the lowest level in almost 49 years.
So far this year, the U.S. central bank has increased interest rates in March, June and September. The bank is expected to raise borrowing costs again in December given firmness in the economy and the labor market.
This article provided by NewsEdge.