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Trump renewed attacks on US central bank, says "out of control" in raising interest rates


Devdiscourse News Desk washington United States
Updated: 12-10-2018 13:18 IST
Trump renewed attacks on US central bank, says  "out of control" in raising interest rates

Trump blamed the Federal Reserve for the global stocks rout that continued Thursday for a second day amid concerns about rising interest rates.(Image Credit: Twitter)

President Donald Trump renewed his attacks on the US central bank on Thursday, saying it was "out of control" in raising interest rates but that he had no plans to dismiss Federal Reserve Chairman Jerome Powell.

Trump blamed the Federal Reserve for the global stocks rout that continued Thursday for a second day amid concerns about rising interest rates.

"It is a correction that I think it is caused by the Federal Reserve, with interest rates," Trump told reporters at the White House. "I think the Fed is out of control." However, asked about Powell's future, Trump said, "I'm not going to fire him." Trump named Powell to lead the central bank but can only fire him for the cause.

Earlier in the day, Trump told the Fox & Friends television broadcast that the central bank was "making a big mistake" by being "too aggressive" in raising rates.

However, he acknowledged higher rates helped savers.

(With inputs from agencies.)

COUNTRY : United States

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