WASHINGTON The US Federal Reserve has regularly faced criticism from President Donald Trump, but in recent days the President took matters into his own hands - raising concerns that the Fed is being politicised. Not only did he again urge the Fed to lower interest rates,...
Mr Trump's moves have alarmed some experts, but he is not alone in thinking the Fed went too far last year: some economists such as Mr Joseph LaVorgna from Natixis think it tightened too much.
Mr Tim Duy, economics professor at the University of Oregon and an expert on the central bank, told AFP that he believes"the threats to the Fed independence are at the highest in decades."Such pressure from the White House has not been seen since the 1970s. On the eve of his 1972 re-election, former president Richard Nixon pressed then Fed chair Arthur Burns to lower interest rates.
At the beginning of his term, Mr Trump had more traditional choices such as Mr Richard Clarida or Mr Randal Quarles, both US Treasury Department economists."It's a free country and the President has a lot of well-informed opinions as a successful businessman and investor," he said.Mr Trump replaced Ms Janet Yellen, nominated by Mr Barack Obama to be the first woman Fed chair, with Mr Jerome Powell, a former investment banker who was already on the board of governors.
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