Trump: Fed has ‘gone crazy’

President Donald Trump sharpened his criticism of the Federal Reserve on Wednesday after the stock market tanked, saying the central bank has “gone crazy,” in what could be a preview of heightened attacks if the economy slows.

Trump made the comment in response to a question about the more than 800-point plunge in the Dow Jones Industrial Average after arriving in Erie, Pa., for a campaign rally.

It’s the second time in two days he has criticized the central bank, though his words on Tuesday were more measured. While he took aim at the Fed’s monetary policy, he acknowledged then that they are "doing what they think is necessary."

But Wednesday Trump asserted that the Fed — which has already hiked interest rates three times this year and is likely to do so again in December — has moved too fast. The central bank is working to raise Continue reading “Trump: Fed has ‘gone crazy’”

Trump says Fed hiking rates too fast, but he’s staying out of it

President Donald Trump took aim once again at the Federal Reserve on Tuesday, arguing that the central bank could be hiking interest rates more slowly but saying he has not spoken to Fed Chairman Jerome Powell about it.

“The Fed is doing what they think is necessary, but I don’t like what they’re doing,” Trump told reporters on the White House South Lawn, referring to the Fed’s series of rate increases.

"The numbers that we’re producing are record-setting,” he said. “I don’t want to slow it down even a little bit, especially when you don’t have the problem of inflation, and you don’t see that inflation coming back. Now, at some point you will, and you go up. I just don’t think it’s necessary to go as fast.”

But Trump said he hasn’t discussed his feelings directly with Powell. “I like to stay uninvolved,” he said.

“I will say Continue reading “Trump says Fed hiking rates too fast, but he’s staying out of it”

Kasich: ‘A pox on both houses’ for Kavanaugh confirmation process

Ohio Gov. John Kasich on Sunday warned that Republicans might have scored a short-term win with the confirmation of Supreme Court Justice Brett Kavanaugh at the long-term expense of U.S. institutions.

“The whole process — look, it’s both sides,” the outgoing Republican governor and former presidential candidate said on CNN’s “State of the Union. “A pox on both houses for the way this was conducted. And people in the country are appalled. That’s because it’s like, I got to win, and you got to lose.”

“Sometimes, you can have a short-term win, and the long term, you have to wonder about the soul of our country,” he added.

Kasich said it would have made sense for the White House to work with Democrats to select a conservative justice who would be acceptable “so what we don’t go through this.”

“And I would hope that the court will Continue reading “Kasich: ‘A pox on both houses’ for Kavanaugh confirmation process”

McConnell says GOP will still challenge Manchin in midterms

Senate Majority Leader Mitch McConnell (R-Ky.) said Republicans will still campaign against Sen. Joe Manchin (D-W.Va.) despite his being the only member of the opposing party who voted to approve now-Justice Brett Kavanaugh’s nomination to the Supreme Court.

“Joe Manchin’s still a Democrat, and we’re trying to hold the majority,” the Kentucky Republican said on CBS’ “Face the Nation” when asked if he would tell President Donald Trump not to campaign against the red-state Democrat.

But McConnell said he appreciated Manchin’s vote, which he called “the right thing to do.”

The Manchin campaign released a poll on Wednesday that showed him with a 12-point lead against his Republican challenger, West Virginia Attorney General Patrick Morrisey, with a month to go.

McConnell also said he expected the House and the Senate to bridge their differences over sexual harassment legislation by the end of the year. Both chambers Continue reading “McConnell says GOP will still challenge Manchin in midterms”

Hirono: Kavanaugh’s SCOTUS seat has ‘big asterisk’

Sen. Mazie Hirono (D-Hawaii) on Sunday said the confirmation of now Supreme Court Justice Brett Kavanaugh was tainted by the “sham” investigation into allegations of sexual assault, but declined to call for his impeachment.

“He’s going to be on the Supreme Court with a huge taint and a big asterisk after his name,” Hirono said on ABC’s “This Week.” “Everyone knows when you just interview a small number of people and not the dozens of others who wanted to be interviewed by the FBI, it’s a sham. And it raises more questions than it answers.”

Rep. Jerrold Nadler (D-N.Y.), who is in line to chair the House Judiciary Committee, promised in a New York Times interview to open an investigation into Kavanaugh if the lower chamber flips to Democratic control.

Asked about that remark, Hirono said, “Jerry Nadler will do what Jerry Nadler will do,” but Continue reading “Hirono: Kavanaugh’s SCOTUS seat has ‘big asterisk’”

McConnell: ‘The Senate’s not broken’

Senate Majority Leader Mitch McConnell (R-Ky.) on Sunday said the confirmation process for Supreme Court Justice Brett Kavanaugh was a “low point in the Senate” but he is proud of how his fellow Republicans handled it.

“The Senate’s not broken,” McConnell said on “Fox News Sunday.”

He distinguished between the contentious fight over alleged sexual assault by Kavanaugh and his decision as majority leader not to even consider former President Barack Obama’s 2016 nomination of Merrick Garland to the Supreme Court in a presidential election year.

“We didn’t attack Merrick Garland’s background and try to destroy him,” McConnell said. “We simply followed the tradition of America.”

“You have to go back to 1880 to find the last time a vacancy created in a presidential election year on the Supreme Court was confirmed by a Senate of a different party than the president,” he added.

Asked whether that Continue reading “McConnell: ‘The Senate’s not broken’”

Fed vindicates Trump, raising rates as it projects growth to exceed 3 percent

The Federal Reserve on Wednesday raised interest rates for the third time this year, projecting that U.S. economic growth will exceed 3 percent this year in a vindication of President Donald Trump.

In recognition of the strength of the economy, the central bank also signaled it will raise rates again later this year. Trump has repeatedly predicted that economic growth would accelerate by at least that much under his watch.

Still, the faster pace of growth might be short-lived, according to the Fed. While the central bank estimates gross domestic product will expand 3.1 percent this year, it only sees growth of 2.5 percent next year, indicating that some of the bump from tax cuts and new federal spending might start to wear off.

The economy by then could also face headwinds from the president’s ongoing and escalating trade battles.

Fed officials reaffirmed their estimates that three Continue reading “Fed vindicates Trump, raising rates as it projects growth to exceed 3 percent”

Trump’s trade wars threaten to disrupt Fed outlook for economy

The Federal Reserve is poised to raise interest rates Wednesday for the third time this year as the economy powers ahead, but beyond that the central bank’s outlook has been thrown into confusion by President Donald Trump’s trade battles.

For months, top Fed officials such as Chairman Jerome Powell have downplayed the impact of Trump’s escalating trade disputes on the broader economy.

But now, the president has imposed tariffs on $200 billion more in Chinese goods and threatened to penalize another $267 billion — moves that will essentially cover all U.S. imports from the world’s second-largest economy. Beijing has responded with duties of its own on billions of dollars in U.S. goods.

That has stoked concern that a prolonged and expanding trade fight could slow growth while also pushing up prices.

“This is not just a threat,” said Lindsey Piegza, chief economist at Stifel Fixed Income. “This is Continue reading “Trump’s trade wars threaten to disrupt Fed outlook for economy”

Trump’s team saw opportunity in a devastating financial crisis

Millions of average Americans lost their livelihoods and homes as the global financial crisis spiraled out of control a decade ago. But not President Donald Trump and his administration’s top financial advisers, who treated the meltdown as a chance to get richer.

Steven Mnuchin, now Treasury secretary, led a group of investors who bought a failed thrift with government help and then sold it at a profit. Commerce Secretary Wilbur Ross, then CEO of a buyout firm, also made money from U.S.-backed purchases of failed banks. Former White House economic adviser Gary Cohn, then president of Goldman Sachs, once touted that the investment bank brought in $373 million in a single day betting against the mortgage market.

And Trump himself crowed about the investment opportunities that lay ahead on the eve of Wall Street’s collapse.

"People have been talking about the end of the cycle for 12 years, Continue reading “Trump’s team saw opportunity in a devastating financial crisis”

Trump: ‘I like and respect’ Fed Chairman Powell

President Donald Trump took a softer tone toward the Federal Reserve on Thursday, saying he does not regret appointing Chairman Jerome Powell and suggesting the central bank is perhaps better off not being governed by politics.

Trump has criticized the Fed multiple times in recent weeks for its rate hike campaign, telling Reuters that it should be helping him in trade negotiations.

He said he was unhappy that other countries’ central banks were keeping the values of their currencies low, which makes exports cheaper and imports more expensive, while the Fed’s actions have helped to strengthen the dollar.

But in an interview with Bloomberg, the president had positive words for Powell.

"I put a man in there who I like and respect," Trump said in the Oval Office interview with the news organization.

"We are not being accommodated. I don’t like that," he said. "That being said," he continued, "I’m Continue reading “Trump: ‘I like and respect’ Fed Chairman Powell”

Fed signals it won’t flinch following Trump criticism on rates

The Federal Reserve on Wednesday signaled that it still intends to raise interest rates next month, despite increasing public pressure from President Donald Trump to keep rates low.

According to newly released minutes from the most recent meeting of the Fed’s interest-rate-setting committee, the central bank said it “would likely soon be appropriate” to hike rates again if economic data continue in line with expectations. The committee meets next on Sept. 25-26.

The central bank stuck to its mantra that any decisions would take into account a range of data, including on inflation, the labor market, financial conditions and international developments. There was not even an implicit mention of Trump’s July 19 comments that he was “not thrilled” about the Fed’s rate hike campaign. The meeting took place July 31-Aug. 1.

“I don’t like all of this work that we’re putting into the economy and then I see rates going Continue reading “Fed signals it won’t flinch following Trump criticism on rates”

Trump: ‘I should be given some help’ by Fed

President Donald Trump on Monday said he would criticize the Federal Reserve if it continues to raise interest rates, setting up a potential clash next month when the central bank is expected to do just that.

“I’m not thrilled with his raising of interest rates, no,“ Trump said of Fed Chairman Jerome Powell in an interview with Reuters.

Powell was nominated by Trump in November and took the helm of the central bank in early February. Since then, the Fed has hiked rates twice and has signaled that it will do so again in September.

According to Reuters, Trump said he was unhappy that other countries‘ central banks were keeping the value of their currencies low. A weaker currency makes exports cheaper and imports more expensive.

“We’re negotiating very powerfully and strongly with other nations,” Trump said. “We’re going to win. But during this period of time I should be Continue reading “Trump: ‘I should be given some help’ by Fed”

McAuliffe: ‘We ought to look at’ impeachment of Trump

Former Virginia Gov. Terry McAuliffe said Sunday that lawmakers should consider whether to impeach President Donald Trump, who he said has been “bear-hugging” Russian President Vladimir Putin while the foreign leader attempts to undermine U.S. democracy.

“I think that’s something we ought to look at,” the Democrat said on CNN’s “State of the Union“, when asked by Jake Tapper whether Trump should be impeached.

“If President Clinton or President Obama had gone to Helsinki and done what President Trump had done, you would already have impeachment hearings going on,” he said, in reference to a news conference alongside Putin where Trump appeared to give equal weight to the findings of the American intelligence community that Russia meddled in the 2016 election and to Putin’s denial of that fact.

The U.S is battling Russia on multiple fronts, McAuliffe said, citing Ukraine and Syria.

“There has to be a reason, Continue reading “McAuliffe: ‘We ought to look at’ impeachment of Trump”

Conway: Trump White House requires non-disclosure agreements

Kellyanne Conway responded to claims from former White House official Omarosa Manigault Newman that she was offered “hush money” by saying that everyone in the West Wing has signed non-disclosure agreements, which she described as a completely normal practice.

Manigault Newman, who served as communications director for the White House Office of Public Liaison, reportedly says in her new book that she was offered $15,000 a month in exchange for her silence after leaving the White House.

“It is typical, and you know it, to sign an NDA … in any place of work,” Conway, counselor to the president, said to Jonathan Karl on ABC’s “This Week.” “I’d be shocked if you didn’t have one at ABC.”

“I’m told she signed them when she was on ‘The Apprentice’, certainly at the campaign. We’ve all signed them in the West Wing,” she added. “And why wouldn’t we?”

When Continue reading “Conway: Trump White House requires non-disclosure agreements”

Giuliani backtracks: ‘No conversation’ between Trump, Comey on Flynn

Rudy Giuliani on Sunday said President Donald Trump and former FBI Director James Comey never discussed former national security adviser Mike Flynn, backtracking from July comments in which he indicated otherwise.

“There was no conversation about Michael Flynn,” Trump’s personal attorney said on CNN’s “State of the Union.” “That is what he will testify to if he’s asked that question.”

He also told CNN’s Jake Tapper that he never said the president had asked Comey to give Flynn a break. “I said that is what Comey is saying,” Giuliani said.

Tapper referenced comments by Giuliani to ABC last month in which the attorney said Trump did not ask Comey to drop the investigation. “He didn’t direct him to do that,” Giuliani said in July. “What he said to him was, ‘Can you give him a break?’”

Flynn, an outspoken adviser to Trump’s campaign, served briefly as his Continue reading “Giuliani backtracks: ‘No conversation’ between Trump, Comey on Flynn”

Giuliani backtracks: ‘No conversation’ between Trump, Comey on Flynn

Rudy Giuliani on Sunday said President Donald Trump and former FBI Director James Comey never discussed former national security adviser Mike Flynn, backtracking from July comments in which he indicated otherwise.

“There was no conversation about Michael Flynn,” Trump’s personal attorney said on CNN’s “State of the Union.” “That is what he will testify to if he’s asked that question.”

He also told CNN’s Jake Tapper that he never said the president had asked Comey to give Flynn a break. “I said that is what Comey is saying,” Giuliani said.

Tapper referenced comments by Giuliani to ABC last month in which the attorney said Trump did not ask Comey to drop the investigation. “He didn’t direct him to do that,” Giuliani said in July. “What he said to him was, ‘Can you give him a break?’”

Flynn, an outspoken adviser to Trump’s campaign, served briefly as his Continue reading “Giuliani backtracks: ‘No conversation’ between Trump, Comey on Flynn”

Giuliani backtracks: ‘No conversation’ between Trump, Comey on Flynn

Rudy Giuliani on Sunday said President Donald Trump and former FBI Director James Comey never discussed former national security adviser Mike Flynn, backtracking from July comments in which he indicated otherwise.

“There was no conversation about Michael Flynn,” Trump’s personal attorney said on CNN’s “State of the Union.” “That is what he will testify to if he’s asked that question.”

He also told CNN’s Jake Tapper that he never said the president had asked Comey to give Flynn a break. “I said that is what Comey is saying,” Giuliani said.

Tapper referenced comments by Giuliani to ABC last month in which the attorney said Trump did not ask Comey to drop the investigation. “He didn’t direct him to do that,” Giuliani said in July. “What he said to him was, ‘Can you give him a break?’”

Flynn, an outspoken adviser to Trump’s campaign, served briefly as his Continue reading “Giuliani backtracks: ‘No conversation’ between Trump, Comey on Flynn”

Omarosa: Trump is ‘mentally declined’

Former White House official Omarosa Manigault Newman on Sunday said top administration officials are deceiving the country about President Donald Trump’s mental state and accused White House chief of staff John Kelly of threatening her when she was fired.

“I was complicit with this White House in deceiving this nation,” she said on NBC’s “Meet the Press.“ “They continue to deceive this nation by how mentally declined he is, about how difficult it is for him to process complex information, how he is not engaged in some of the most important decisions that impacts our country.”

“I was complicit in it, for that I regret,” she added.

She also told host Chuck Todd: “Being used by Donald Trump for so long, I was like the frog in the hot water. You don’t know that you’re in that situation until it just keeps bubbling and bubbling.“

Manigault Newman, Continue reading “Omarosa: Trump is ‘mentally declined’”

Omarosa: Trump is ‘mentally declined’

Former White House official Omarosa Manigault Newman on Sunday said top administration officials are deceiving the country about President Donald Trump’s mental state and accused White House chief of staff John Kelly of threatening her when she was fired.

“I was complicit with this White House in deceiving this nation,” she said on NBC’s “Meet the Press.“ “They continue to deceive this nation by how mentally declined he is, about how difficult it is for him to process complex information, how he is not engaged in some of the most important decisions that impacts our country.”

“I was complicit in it, for that I regret,” she added.

She also told host Chuck Todd: “Being used by Donald Trump for so long, I was like the frog in the hot water. You don’t know that you’re in that situation until it just keeps bubbling and bubbling.“

Manigault Newman, Continue reading “Omarosa: Trump is ‘mentally declined’”

Omarosa: Trump is ‘mentally declined’

Former White House official Omarosa Manigault Newman on Sunday said top administration officials are deceiving the country about President Donald Trump’s mental state and accused White House chief of staff John Kelly of threatening her when she was fired.

“I was complicit with this White House in deceiving this nation,” she said on NBC’s “Meet the Press.“ “They continue to deceive this nation by how mentally declined he is, about how difficult it is for him to process complex information, how he is not engaged in some of the most important decisions that impacts our country.”

“I was complicit in it, for that I regret,” she added.

She also told host Chuck Todd: “Being used by Donald Trump for so long, I was like the frog in the hot water. You don’t know that you’re in that situation until it just keeps bubbling and bubbling.“

Manigault Newman, Continue reading “Omarosa: Trump is ‘mentally declined’”