The rand firmed more than 1% in early trade on Tuesday, matching gains by its emerging market peers as criticism of Federal Reserve rate hikes by US President Donald Trump hurt the dollar and revived demand for some risk assets.
"I asked him specifically about the independence of the Fed, and he reinforced the fact that their goal is to [address] unemployment, our economy, and that is their only objective", Scott (R-S.C.) said in an interview.
Almost eight in 10 economists believe the Fed's interest rate policies are "about right", according to a survey released Monday by the National Association for Business Economics.
And a narrow gap between short-term and long-term U.S. Treasury debt yields has the attention of several Fed policymakers as a signal that growth is set to slow, and further rate hikes could trigger a recession.
With the federal interest rate climbing twice this year, the organization has planned two more quarter-point rate hikes in 2018 and three more in 2019.
This isn't the first time Trump has taken exception to the Fed's gradual interest-rate hikes. "The other countries are accommodated". Trump told Reuters, referencing Powell.
The president spoke to Reuters in an exclusive interview, the newswire said.
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Recent presidents have largely avoided criticising the Fed, trying to preserve the bank's independence and its credibility with financial markets, foreign governments and the public.
Kohn said he didn't think Powell or the Fed would change their course because of Trump's remarks.
After leaving its policy interest rates at historic lows for about six years after the 2008 global financial crisis, the Fed began slowly raising rates again in late 2015.
Trump has, however, made reducing USA trade deficits a priority, and the combination of rising interest rates and a strengthening dollar poses risks for export growth.
Still, his chronic grousing about the monetary policies of the Federal Reserve Board has to be disturbing to people who depend on stable economic policies as much as to those who resist an imperial presidency. "So I would hope the president would refrain from making comments like that".
Presidents usually avoid criticizing the central bank, which is created to be independent from political interference.
The U.S. dollar was trading lower against other major currencies following Trump's comments. "I'll let you know in seven years".