Fed officials discussed hiking rates to 'restrictive' level | AP business

Trump urged to declare China a currency manipulator

"I think the Fed has gone insane", he said.

The market has priced in another hike in December, with three more increases expected in 2019, which would take rates in the U.S. to a level slightly above neutral.

Financials offered some stability with Goldman Sachs up nearly 3 per cent, and JP Morgan Chase also rallying on the back of US Federal Reserve minutes showing the decision to raise rates last week was unanimous.

The dollar rose to its best level in two weeks on Wednesday, as the US Federal Reserve signaled that the strong economy continues to justify additional interest-rate increases, Dow Jones Newswires reported.

The Fed raised rates to a target range of 2 percent to 2.25 percent last month and forecast rates would be 3.1 percent by the end of next year, according to updated projections, which would be slightly above their median estimate of the neutral rate. Furthermore, "some" at the meeting said risks grew as the U.S. economy increasingly outpaced its rivals" more sluggish growth "because of the potential for further strengthening of the dollar'.

Trump said he doesn't speak with Chairman Jerome Powell because of the Fed's political independence but said.

In remarks to the Economic Club of Memphis, Bullard pointed to a possible next chapter in the central bank's discussion: What to do if, as expected, the growth rush from recent tax cuts, increased government spending and other positive economic trends begins to fade.

That reinforced expectations that US yields will rise further despite President Donald Trump's view that the Fed is tightening too much. "Growth needs to slow to stop the unemployment rate from falling ever further, which I believe will eventually create inflationary pressures".

Saudi account of Khashoggi killing is widely denounced
Trump meanwhile called the Saudi announcement a "good first step", but said what happened to Khashoggi was "unacceptable". No major decisions in Saudi Arabia are made outside of the ultraconservative kingdom's ruling Al Saud family.


"It's going too fast, because you look at the last inflation numbers - they're very low", he said.

"The acceleration in market decline coincided with news that Treasury Secretary Mnuchin is the latest official to pull out of the upcoming Saudi Arabian investment conference", said Ryan Larson, head of US equity trading at RBC Global Asset Management in Chicago.

Powell's predecessor, Janet Yellen, defended his performance in remarks Monday at a mortgage bankers conference in Washington.

Quarles said that it is not unusual for presidents to comment on Fed policy.

Federal Reserve policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting show, despite US President Donald Trump's view that interest rate hikes have already gone too far.

"I really disagree with what the Fed is doing", Trump told reporters October 10 in Pennsylvania.

South Dakota Senator Mike Rounds says he thinks the Fed is on the right course...

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