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Federal Reserve ‘out of control’, says Donald Trump

Press Trust of India

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Washington: President Donald Trump has intensified his attack on the US Federal Reserve following this week’s plunge in stock prices, saying the central bank is “out of control” in raising interest rates, but ruled out firing its head Jerome Powell.
Trump’s remarks on Thursday were the latest in series of recent barrages he has unleashed at the Fed. The Fed under his hand-picked chairman Powell has been gradually raising rates as the economy has strengthened to prevent a run-up in inflation.
“I think the Fed is out of control. I think what they’re doing is wrong. Under the Obama administration, you had a lot of help because they had very little interest,” Trump told reporters at the White House Thursday while responding to questions on the down sliding of the stock market for a second consecutive day.
Donald Trump’s critical comments of the US Fed held back some stocks on Tuesday, while the dollar fell for a fourth consecutive day in its worst spell since March. As David Pollard reports, Trump said he was “not thrilled” with the Federal Reserve under his own appointee, Chairman Jerome Powell, for raising interest rates and said the Fed should do more to help him to boost the economy.
While the Dow Jones Industrial Average fell by 546 points, the S&P 500 tumbled 2.1 per cent and Nasdaq Composite by 1.3 per cent.
“When you talk about economies, our economy is far better than that. But we have actually — we’re paying interest. They weren’t. They were using the funny money. But I think the Fed is far too stringent, and they’re making a mistake and it’s not right. Despite that, we’re doing very well but it’s not necessary, in my opinion. I think I know about it,” he said.
At the same time, he ruled out firing Federal Reserve Chairman Powell.
“No, I’m not going to fire him. I’m just disappointed at the clip. I think it’s far too fast. Far too rigid, far too fast,” Trump said.
The president said the markets were way up over what they were. “It’s a correction that I think is caused by the Federal Reserve with interest rates. The dollar has become very strong, which, frankly, people can debate whether or not they like a strong dollar or not,” he said.
Asserting that the dollar is very strong and powerful, he said that causes a little difficulty with doing business. “A strong dollar doesn’t necessarily mean all good, but we do have a very strong dollar. And we have interest rates going up at a clip that’s much faster than certainly a lot of people, including myself, would have anticipated,” the US president said.
Trump’s criticism of the Fed has raised concerns over its ability to operate free of political pressure.
On Wednesday, Trump said, “The Fed is going wild. I don’t know what their problem is. They are raising interest rates and it’s ridiculous. … The Fed is going loco, and there is no reason for them to do it and I’m not happy about it.”


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Peace talks postponed after Taliban object to size of Afghan delegation

Agencies

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KABUL: A meeting between the Taliban and Afghan politicians and civil society aimed at ending more than 17 years of war in Afghanistan has been postponed, officials and diplomats said on Thursday, citing Taliban objections to the size of the Afghan delegation.
The talks were set to begin in Doha, but a senior government official in Kabul said “the gathering has been called off for now and details were being reworked.”
Afghan delegates scheduled to fly to the Qatari capital on Thursday were told the trip was postponed and new dates were being discussed, a western diplomat in Kabul said.
“The government will have to change the composition of the delegation to make this meeting happen,” the diplomat said on condition of anonymity.
Taliban spokesman Zabihullah Mujahid said leaders of the hardline Islamist group were uncomfortable with the size of the Afghan delegation and its composition.
“Presence of some participants was completely against the list of what was agreed upon,” Mujahid said, adding that the delegation included Afghans working for the government.
The Taliban have repeatedly refused to meet President Ashraf Ghani’s government, which they call a puppet regime, but have held several rounds of peace talks with US officials.
Ghani said on Wednesday the 250-member Afghan delegation included some government officials attending in a personal capacity. But the group did not include some of the most powerful figures in Afghan politics, who are reluctant to join forces with Ghani ahead of presidential elections due in September.
A senior government official said Afghan-to-Afghan peace talks are in jeopardy.
The talks between Afghan and Taliban officials at the same table for the first time have been considered a significant first step towards finding a negotiated end to Afghanistan’s protracted war.
The senior official said negotiations went awry after President Ashraf Ghani opposed a list of participants announced by the Qatar government, which is sponsoring the talks. The list of 243 people was announced by Qatar on Thursday.
The list differs in part from Ghani’s list of 250 people, according to the senior government official.

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N. Korea seeks Pompeo’s removal from nuclear talks

Agencies

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SEOUL: North Korea demanded the removal of US Secretary of State Mike Pompeo from talks over its nuclear programme, hours after the isolated state claimed to have tested a new kind of weapon.
Describing Pompeo as “reckless” and immature, the foreign ministry said it wanted him replaced by another interlocutor, a demand that significantly ups the ante in a sensitive diplomatic standoff.
Pyongyang and Washington have been at loggerheads since the collapse of a summit between Kim Jong Un and Donald Trump earlier this year.
“I am afraid that, if Pompeo engages in the talks again, the table will be lousy once again and the talks will become entangled,” Kwon Jong Gun, director general of the foreign ministry’s Department of American Affairs said, according to the official KCNA news agency.
“Therefore, even in the case of possible resumption of the dialogue with the US, I wish our dialogue counterpart would be not Pompeo but… (another) person who is more careful and mature in communicating with us.”
It is not the first time North Korea has singled out Pompeo for special criticism.
When the secretary of state met North Korean officials in Pyongyang in July last year, he was condemned for his “gangster-like” insistence that the North move towards unilateral disarmament.
Kwon, whom KCNA said was responding to a question from one of its journalists, said leader Kim had made clear that the US attitude had to change. He said Pompeo was standing in the way of a resumption of talks.
“We cannot be aware of Pompeo’s ulterior motive behind his self-indulgence in reckless remarks; whether he is indeed unable to understand words properly or just pretending on purpose.
“The US cannot move us one iota by its current way of thinking. In his previous visits to Pyongyang, Pompeo was granted audiences with our Chairman of the State Affairs Commission for several times and pleaded for the denuclearisation.
“However, after sitting the other way round, he spouted reckless remarks hurting the dignity of our supreme leadership at Congress hearings last week to unveil his mean character by himself, thus stunning the reasonable people.”
Analysts said the North might have been reacting to Pompeo’s assessment — during a recent Senate hearing — that Kim could be described as a “tyrant”.
“By agreeing that Kim is a tyrant, Pompeo basically insulted the North’s ‘highest majesty’,” said Koh Yu-hwan, professor of North Korean studies at Dongguk University in Seoul.

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23 killed as thunderstorms, dust storm lash Pakistan

Agencies

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Islamabad: Massive thunderstorms and a dust storm lashed Pakistan’s Punjab and Sindh provinces, killing at least 23 people, injuring scores of others, according to media reports

Heavy rain and storm caused by a westerly wave uprooted electricity poles and trees in different parts of the country and also damaged properties on Monday.

Intermittent downpour in western, central and northern parts of the country for the past few days has rendered mud houses susceptible to the collapse, while land slide and flash floods in some areas have already made several roads dangerous for travel, Dawn reported.

 

Thunderstorm in Punjab province resulted in the collapse of several buildings, leaving at least nine persons, including two women, dead. Four deaths were reported in Khanewal district; three in Hasilpur area of Bahawalnagar district; and two Dunyapur tehsil of Lodhran district. In Khyber Pakhtunkhwa province’s Chitral valley, a woman and two men died when the roof of their house collapsed and fell on them.

In Balochistan province, authorities declared emergency on Monday after torrential rains and flash flooding wreaked havoc and killed at least nine persons, including a child. Heavy rainfall in Quetta, Gwadar, Chagai, Harnai, Duki, Jewani, Jaffarabad, Kohlu, Sibi, Barkhan, Chaman and other districts of Balochistan caused flooding in nullahs and drains which severed land link in various parts of the province, the Express Tribune reported.

The low-lying areas had been submerged due to continuous rainfall in Kohlu and adjoining areas. In separate incidents related to the dust storm that hit Karachi, four persons, including two young girls died, an equal number of fishermen went missing and dozens of others suffered injuries, according to officials and rescue services.

Gusty winds also uprooted several trees, poles and signboards, broke windowpanes of some high-rise buildings and damaged the walls of schools and homes in Karachi.

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