Fed interest rate hikes appear on course after chair Jay Powell's address

Fed interest rate hikes appear on course after chair Jay Powell's address

Fed interest rate hikes appear on course after chair Jay Powell's address

Trump said in an interview with Reuters on Monday that he was "not thrilled" by Fed chairman Jerome Powell's decision to raise interest rates and would continue to criticize the Fed if interest rate hikes continued. -China trade talks ended without any progress.

In the speech to the annual gathering of central bankers and economists in Jackson Hole, Wyoming, Powell said there were few signs the U.S. economy was "overheating", which means the Fed can continue its course of gradual rate increases.

The greenback was 0.1 percent higher against the yen, at 111.405 yen per dollar. MSCI's gauge of stocks across the globe.MIWD00000PUS gained 0.55 percent while it's emerging market index.MSCIEF rose 0.33 percent.

Trump told Reuters that he was "not thrilled" with Powell, who he appointed to lead the Fed and that the bank should do "what's good for the country" by holding off on rate hikes.

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FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration.

The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the USA experiences record low unemployment and stable inflation. It was still up about 1 percent on the week. The materials sector.SPLRCM gained 1.41 percent. MSCI's broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS shed 0.25 percent.

Autos .SXAP rose 0.3 percent, after being among the worst-performing sectors earlier in the week since a surprise profit warning from tyre maker Continental, which added to ongoing tariff concerns.

Hong Kong's Hang Seng .HSI fell 0.43 percent and the Shanghai Composite Index .SSEC gained 0.2 percent.

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Though he did not directly address the geopolitical turmoil, Powell did say that if strong growth in income and jobs continues, further gradual increases for the federal funds rate will "likely be appropriate". "And I think the euro is being manipulated also", Trump said. "I'm very encouraged by the market's ability to look through the disturbing political headlines of the week".

Trump has made reducing USA trade deficits a priority and the combination of rising interest rates and a strengthening dollar pose risks for export growth.

Higher-yielding and emerging market currencies - from South Korea's won and the Indonesian rupiah to the Australian dollar and Mexican peso - also rose against the dollar on Tuesday, having come under pressure last week from the Turkey financial crisis.

Yields of the United States 10-year reference drop and test 2.83%. An inverted yield curve in the past has pointed to a recession will occur within two years.

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Oil prices rose.[O/R] Brent crude futures rose over 1 percent to $75.60 per barrel LCOc1 , while USA crude CLc1 added 1.2 percent to $68.64.

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