US central bank is ‘crazy’ for hiking interest rates

US President Donald Trump has again criticized the Federal Reserve, saying the country’s central bank has gone “crazy” and is rushing to raise interest rates when inflation is minimal.

“Actually it’s a correction that we’ve been waiting for a long time, but I really disagree with what the Fed is doing,” Trump told reporters Tuesday on the White House lawn.

“I think the Fed has gone crazy,” Trump said.

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

The Federal Reserve is mandated by Congress to aim for low inflation and low unemployment. Currently American consumer price inflation is above 2 percent annually and the unemployment rate is the lowest in about 40 years.

Trump’s comments follow a volatile day of…

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