Fed chair Jerome Powell softens line on interest rate rises after Trump attack

• Rates currently ‘just below’ range Fed officials consider neutral
• President had said he was ‘not a little bit happy’ with Powell

The Federal Reserve chairman, Jerome Powell, appeared to cautiously climb down on the central bank’s interest rate policy on Wednesday after another assault on his tenure from Donald Trump.

Powell has been gradually raising rates since he was confirmed to his position by Trump in January. The increases have infuriated Trump, who has consistently criticized Powell. This week the president blamed recent stock market sell-offs and General Motors’ decision to lay off 14,700 people in part on Powell.

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from US news | The Guardian https://ift.tt/2Rl72Pt