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Old 12-29-2018, 05:15 PM   #1
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Default FEDERAL RESERVE ADMITS IT'S INDEPENDENCE: Stanley Fischer, Former Vice-Chairman

Don't do it': Trump's criticism of central bank could backfire, warns former vice-chair

Stanley Fischer says U.S. president is challenging Federal Reserve's independence

CBC News · December 28, 2018

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Stanley Fischer worked as vice-chair of the U.S. Federal Reserve under presidents Barack Obama and Donald Trump, from 2014-2017. He was previously governor of the Bank of Israel. AP

When it comes to U.S. President Donald Trump's criticism of the Federal Reserve for hiking interest rates this year, a former vice-chair of the central bank has one message for him: "Don't do it." Trump's remarks could backfire on him by encouraging a further rise in interest rates, rather than a decline, Stanley Fischer told The Current's guest host Piya Chattopadhyay "And when you challenge its independence, it has to demonstrate its independence."
Trump, who personally selected Jerome Powell as chairman of the Fed, has repeatedly lambasted Powell and the central bank this year, at one point calling the Fed "my biggest threat."

U.S. President Donald Trump isn't happy with the central bank. He claims its hurting the stock market. The president argues rising interest rates could hurt the stock market, and some investors have been equally wary.

But Fischer said if Trump continues to attack Powell, the head of the central bank will have to find a way to demonstrate "he will not be shaken by the president." "We know full well that if if inflation gets out of control, the Fed will be blamed," Fischer said. "And that is one of the things that it has to take into account." Read more ...


'''Don'''t do it''': Trump'''s criticism of central bank could backfire, warns former vice-chair | CBC Radio
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