Selling Pressure: Dollar suffers after Trump’s comments

US President said he was not thrilled with the rate hikes under new Fed boss Jerome Powell

HONG KONG: The dollar dipped on Tuesday in Asia after Donald Trump hit out at the Federal Reserve’s interest rate rises and accused it of not backing his economic plan, while most equity markets edged up ahead of highly anticipated China-US trade talks. The greenback has been on the ascent in recent months as US borrowing costs have gone up and the economy improves but it stumbled after Trump’s latest criticism of the central bank. In an interview with Reuters, the president said he was not thrilled with the rate hikes under new Fed boss Jerome Powell, repeating comments made last month about the bank’s tightening measures. When asked if he believed in the Fed’s independence, he refused to say yes, telling the reporter: “I believe in the Fed doing what’s good for the country.”

Published in The Express Tribune, August 22^nd, 2018.

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