Trump 'Not Thrilled' with Fed Chairman Powell Over Rate Hikes

Trump complains to Hamptons donors about rate hikes

The US Dollar has weakened only modestly Wednesday despite news that two of US President Donald Trump's former advisers are facing lengthy prison sentences but its losses could well accelerate despite the currency's status as a safe haven at times of risk aversion.

While the immediate market reaction was not dramatic, the developments present further uncertainty over Trump's leadership for investors to navigate.

The trade meeting will be the first since the world's top two economies started imposing tit-for-tat tariffs on billions of dollars' worth of goods, with the Wall Street Journal saying they are aimed at smoothing the way ahead of a November summit.

"They are just trying to gauge if there has been any shift in sentiment at the Fed and it certainly doesn't seem that way at the moment", said Gennadiy Goldberg, an interest rate strategist at TD Securities in NY. Brent crude, the worldwide benchmark, traded flat at $74.79 while USA crude rose to $67.97.

Already, tighter U.S monetary policy has contributed to strain in emerging markets like Turkey, and any disruption overseas could potentially feed back into USA financial markets and ultimately the country's growth trajectory.

Trump was displeased with Powell's decision to raise interest rates, according to Bloomberg.

Trump's remarks to Reuters follow reports that the president criticized the Fed's interest rate hikes at fundraiser in Long Island over the weekend.

The dollar index against a basket of six major currencies was up 0.2 percent at 95.308, after falling to its lowest in almost three weeks at 94.934 on Wednesday.

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The dollar index, which measures it against a basket of major currencies, gave up some earlier gains but still added 0.1 percent to 95.238, pulling off its lowest in three weeks.

"The question we're getting asked now by investors is whether what we see in EM is a sign that something bigger is going wrong in the global economy". "You know, a lot of people beat up on the Fed. Our answer to that is no, these issues have been local issues", he said. He said during an interview Monday that other countries get help from their central banks during trade disputes with the U.S.

US President Donald Trump criticised US Federal Reserve Chairman Jerome Powell for raising interest rates, breaking with recent presidents' practice of not commenting on the Fed's handling of the economy.

The benchmark R186 government 10-year bond was bid at 9.01% from 9.02%, and the R207 at 7.655% from 7.67%.

Presidents have historically avoided commenting on Fed policies.

China, seeking to skirt USA sanctions, will use oil tankers from Iran for its purchases of that country's crude, throwing Tehran a lifeline while European companies such as France's Total are walking away due to fear of reprisals from Washington.

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt, Germany February 28, 2017.

Spot gold XAUUSD gained 0.36% to $1,200.1 an ounce, after earlier hitting $1,197.66, its highest level since August 14.

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