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Tags: federal reserve | interestrate | gary cohn | economy

Gary Cohn Says Fed Should Ignore Trump's Criticism

By    |   Thursday, 18 October 2018 03:16 PM

The Federal Reserve's raising of interest rates is "exactly what they're supposed to do," saying President Donald Trump should not be publicly criticizing any independent agency, former White House economic adviser Gary Cohn said Thursday.

"If you look at what is actually going on in the economy – when you look at the real numbers – we're way exceeding on growth, we're way exceeding on employment, and the Fed is basically on target," Cohn told CNBC's "Halftime Report." "It seems to me the Fed is in a methodical, rate-raising environment – exactly what they're supposed to do."

When asked by CNBC host Steve Liesman if President Donald Trump is wrong for attacking the Fed, Cohen countered: "The Fed is doing their job as a very independent agency." 

Cohn added he "believe(s) very much in the setup of the U.S. government" and the independence of its agencies.

"It's [President Trump's] job to leave those committees alone to do their job," Cohn said. "They are acting in the best interest of the United States. . . . I don't think he should be making comments on any independent agency."

Cohn responded to reports he left the administration over trade policy, and admitted – even if indirectly – he is opposed to President Trump's use of tariffs to create leverage for better trade deals for America.

"Anything that raises the price of a good doesn't make sense for our economy, even if they're paying it to the government as a tariff," Cohen said. "It's just another tax.

". . . The president and I completely agree on what has to be done. We just may not agree on how to get there."

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The Federal Reserve's raising of interest rates is "exactly what they're supposed to do," saying President Donald Trump should not be publicly criticizing any independent agency, former White House economic adviser Gary Cohn said Thursday.
federal reserve, interestrate, gary cohn, economy
279
2018-16-18
Thursday, 18 October 2018 03:16 PM
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