Trump pressures Fed before meeting, warns against 'another mistake'

‘Paris is burning’: Trump hails US economy while ‘outside world blowing up’

U.S. President Donald Trump on Tuesday continued to pressure the Federal Reserve the day the central bank was due to start its two-day policy meeting, warning the Fed's board members not to "make yet another mistake", and to "feel the market", Trend reports referring to Reuters.

The majority of US retail investors say the Federal Reserve should stop raising interest rates, according to a survey by Wells Fargo & Co. "Take the Victory!" Trump wrote in a tweet. "I don't like all of this work that we're putting into the economy, and then I see rates going up, I see China where they're - I mean look at what's happening with their currency, it's dropping like a rock".

The US President was attacking the US central bank the day before its last meeting on monetary policy of the year, after which it is expected to raise interest rates a quarter of a percent from its current range of between 2 and 2.25 percent.

The Monday tweet isn't the first time that Trump has recently taken aim at France.

"We were assured by policy makers that QE provided large benefits to the real economy".

President Donald Trump fired the latest salvo on December 17 in his campaign to pressure Federal Reserve Chairman Jerome Powell to hold interest rates steady.

"Our gradual pace of raising interest rates has been an exercise in balancing risks".

The stock market is enduring a painful stretch, with steep losses Monday sending USA stocks to their lowest levels in more than a year.

Lawrence White, an economics professor at New York University's Stern School, said he expects the Fed to remain mindful of the mistakes of the 1970s, when officials allowed inflation to erupt, requiring sharply higher interest rates and a painful recession to root out.

The expectation for this week is that the Fed will revise its predictions for next year down to two rate hikes and Powell will try to signal in his news conference that the Fed will be "data dependent" and more open to changing course as needed.

"Now, I'm just saying the same thing that I would have said as a private citizen", he said during the interview.

Central bankers are ending the year with a flurry.

But it does place an even greater importance on the Fed's dots this time around.

Investors have bet heavily that the USA central bank will raise rates at the end of its two-day policy meeting on Wednesday as it delivers on a promise to raise rates gradually toward a neutral setting to keep the economy from overheating. The former Hewlett-Packard CEO said Trump's comments are "wholly inappropriate" for any USA president.

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