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U.S. Stocks Rise as Trade Angst Ebbs; Dollar Falls: Markets Wrap

U.S. Stocks Rise as Trade Angst Ebbs; Dollar Falls: Markets Wrap

"The overtone of Trump trying to persuade the Fed to stop aggressively tightening is probably one thing the markets focused on, said Tom di Galoma, a managing director at Seaport Global Holdings in NY".

Atlanta Fed President Raphael Bostic said on Monday he was maintaining his expectation for one more interest rate hike this year, as trade tensions and worldwide events add some downside risk to an otherwise strong USA outlook. It traded down 0.2 percent at $1.2885 on Wednesday. On Monday he said the Fed should be more accommodating on interest rates.

The release on Wednesday of the minutes from the Fed's August meeting was also awaited. "I'm not thrilled", Trump said, referring to Powell. It is also curious to note that, as appears to be the new standard in this administration, in less than a year Trump has moved from praising his appointment Powell's "wisdom" and "leadership" to questioning his activities as Chairman of the Fed. It marked the second time this summer that Trump had publicly criticized the policymaking of the Fed, which by tradition has always functioned independently of the White House and free of political influence.

Central bankers gather at the Kansas City Fed's annual Jackson Hole symposium, where Federal Reserve Chairman Jerome Powell speaks Friday. "The Federal Reserve is an independent board of governors, and they will be independent".

The S&P 500 Index rose 0.2 percent to 2,862.96 as of 4 p.m. And unless the Federal Reserve raises interest rates soon, it won't be in a position to lower rates again to stimulate the economy when the next recession rolls around.

The single currency then rebounded as the United States and China agreed to hold low-level trade talks, calming market nerves and reducing demand for the safe-haven dollar. "And I think the euro is being manipulated also", Trump said.

Trump has stressed his apparent belief that the Fed should be helping his cause not hindering it, taking aim at the pace at which it is raising interest rates which threatens to slow the potential of the economy and further strengthen the dollar.




"While raising interest rates may limit capital outflows and defend the rand, it could end up negatively impacting economic growth".

The Fed has been raising rates gradually since 2015 and policymakers are now concerned the economy is so strong that inflation could rise persistently above the central bank's 2 percent target.

Oil prices rose more than 2 percent, with Brent hitting a two-week high, after US government data showed a larger-than-expected draw in domestic crude inventories and as Washington's sanctions on Iran signaled tightening supplies.

The Australian dollar dipped 0.2 percent to $0.7353 AUD=D4 after advancing 0.4 percent overnight on the back of the dollar's broad weakness.

The Fed's minutes made no mention of Trump's criticism as a factor in its decision-making.

"Powell has set a course for the Fed, and he is going to stay on that course unless economic conditions change dramatically", said David Jones, the author of several books on the history of the Fed.

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