Trump renews criticism of Federal Reserve, says raising interest rates too fast

Trump heading to Council Bluffs, Iowa for a campaign rally on Oct 9, 2018.
Trump heading to Council Bluffs, Iowa for a campaign rally on Oct 9, 2018.PHOTO: AFP

WASHINGTON (REUTERS) - US President Donald Trump on Tuesday (Oct 9) again criticised the Federal Reserve, telling reporters the central bank is going too fast in raising rates.

"I think we don't have to go as fast. I want to be able to pay off debt," Trump said to reporters on the White House lawn before departing for an Iowa event.

"I just don't think it's necessary to go as fast."

The US Federal Reserve last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of economic growth.

The Federal Reserve is mandated by Congress to aim for low inflation and low unemployment.

Currently, US consumer price inflation is above 2 per cent annually and the unemployment rate is the lowest in about 40 years.