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FX MONETARY POLICIES by Ellen Brown


Trump’s War on the Fed


President Trump has stepped up his criticism of the Federal Reserve, saying of its aggressive interest rate hikes that it has “gone crazy.” The same charge has been leveled against Trump, but there may be a method to his madness . . . .


October was a brutal month for the stock market. After the Fed’s eighth interest rate hike on September 26th, the Dow Jones Industrial Average dropped more than 2,000 points and the NASDAQ had its worst month in nearly 10 years. After the Dow lost more than 800 points on October 10th and the S&P 500 suffered its first weeklong losing streak since Trump’s election, the president said, “I think the Fed is making a mistake.


42 FX TRADER MAGAZINE January - March 2019


They are so tight. I think the Fed has gone crazy.” In a later interview on Fox News, he called the Fed’s rate hikes “loco.” And in a Wall Street Journal interview published on October 24th, Trump said he thought the biggest risk to the economy was the Federal Reserve, because “interest rates are being raised too quickly.” He also criticized the Fed and its chairman in July and August.


Trump’s vocal criticisms are


worrisome to some commentators, who fear he is attempting to manipulate the Fed and its chairman for political gain. Ever since the 1970s, the Fed has declared its independence and


presidents


from government, are


supposed to


avoid influencing its decisions. But other Fed-watchers think politicians should be allowed to criticize the market manipulations of an


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