Mnuchin isn’t worried about China dumping Treasurys

Treasury Secretary Steven Mnuchin said Friday he isn’t worried about China selling its stockpile of U.S. Treasurys in retaliation over trade because there’s plenty of demand for U.S. government bonds. “If they decide they don’t want to hold them, there are other buyers,” Mnuchin told CNBC’s Geoff Cutmore. “And, obviously, that would be very costly for them to do.” “They’re looking at economics the way we’re looking at economics, so it is not something I’m losing any sleep about,” Mnuchin added i


Treasury Secretary Steven Mnuchin said Friday he isn’t worried about China selling its stockpile of U.S. Treasurys in retaliation over trade because there’s plenty of demand for U.S. government bonds. “If they decide they don’t want to hold them, there are other buyers,” Mnuchin told CNBC’s Geoff Cutmore. “And, obviously, that would be very costly for them to do.” “They’re looking at economics the way we’re looking at economics, so it is not something I’m losing any sleep about,” Mnuchin added i
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Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, told, mnuchin, xi, white, looking, worried, economics, dumping, trade, president, house, china, treasurys, isnt


Mnuchin isn't worried about China dumping Treasurys

Treasury Secretary Steven Mnuchin said Friday he isn’t worried about China selling its stockpile of U.S. Treasurys in retaliation over trade because there’s plenty of demand for U.S. government bonds.

“If they decide they don’t want to hold them, there are other buyers,” Mnuchin told CNBC’s Geoff Cutmore. “And, obviously, that would be very costly for them to do.”

“They’re looking at economics the way we’re looking at economics, so it is not something I’m losing any sleep about,” Mnuchin added in the interview from Bali, Indonesia, where the International Monetary Fund and the World Bank were holding their annual meetings.

Top White House economic advisor Larry Kudlow told CNBC on Thursday the White House was working on a meeting between President Donald Trump and Chinese President Xi Jinping at next month’s G-20 summit in Argentina.

The leaders of the world’s two largest economies will be getting together at a time when Washington and Beijing are locked in a trade war that’s seen each side imposing tariffs on each other’s products.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, told, mnuchin, xi, white, looking, worried, economics, dumping, trade, president, house, china, treasurys, isnt


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Former White House economic advisor Gary Cohn joins blockchain start-up

Former White House economic advisor Gary Cohn is finally unveiling his next career move: blockchain. Cohn, who left the Trump administration in March, will join start-up Spring Labs as an advisor, the company announced in a press release Friday. The firm uses blockchain technology to share credit data between banks. “I am excited to actively support the Spring Labs team in the development of this important business and network.” Will McDonough, who was hired by Cohn at Goldman Sachs, is also run


Former White House economic advisor Gary Cohn is finally unveiling his next career move: blockchain. Cohn, who left the Trump administration in March, will join start-up Spring Labs as an advisor, the company announced in a press release Friday. The firm uses blockchain technology to share credit data between banks. “I am excited to actively support the Spring Labs team in the development of this important business and network.” Will McDonough, who was hired by Cohn at Goldman Sachs, is also run
Former White House economic advisor Gary Cohn joins blockchain start-up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: kate rooney, getty images
Keywords: news, cnbc, companies, technology, goldman, blockchain, economic, white, gary, joins, advisor, spring, financial, startup, company, information, house, cohn, sachs, labs


Former White House economic advisor Gary Cohn joins blockchain start-up

Former White House economic advisor Gary Cohn is finally unveiling his next career move: blockchain.

Cohn, who left the Trump administration in March, will join start-up Spring Labs as an advisor, the company announced in a press release Friday. The firm uses blockchain technology to share credit data between banks.

The former Goldman Sachs president told the Financial Times, which first reported the news, that this was a “unique opportunity,” and “an obvious place to take a very, very analogue industry and digitize.” Cohn has made very few public appearances since leaving the administration, and this is one of the first reports of his next job.

“I have been very interested in blockchain technology for a number of years, and Spring Labs is developing a network that could have profound implications for the financial services sector, among others,” Cohn said in a press release Friday. “I am excited to actively support the Spring Labs team in the development of this important business and network.”

The 20-person start-up uses blockchain, the technology that underpins cryptocurrencies such as bitcoin, to swap credit and identity information between banks and corporations. The task of safely transferring consumer credit information has plagued companies such as Equifax, which was hacked earlier this year, subsequently unveiling the private information of 143 million Americans.

Spring Labs has raised about $15 million to date in seed funding, according to Pitchbook. Other advisory board members include Bobby Mehta, former CEO of Transunion, and Brian Brooks, chief legal officer at cryptocurrency company Coinbase. The company was founded by members of the team and board of lending platform Avant.

Cohn was a key player in drafting the GOP tax reform package, which was voted through Congress and signed by President Donald Trump late last year. He left the White House following disagreements over plans to implement aluminum and steel tariffs.

Cohn isn’t the first executive to go from Wall Street to the new frontier of blockchain. Former head of J.P. Morgan global commodities Blythe Masters is now CEO of a blockchain company, and Goldman Sachs alumni Matthew Goetz started a cryptocurrency hedge fund. Will McDonough, who was hired by Cohn at Goldman Sachs, is also running a blockchain firm called iCash.

While cryptocurrency has been a punching bag for some Wall Street CEOs, its underlying technology is widely applauded and some compare its potential to the internet. Others are still skeptical. Economist Nouriel Roubini, one of the few who predicted the 2008 financial crisis, told senators in a hearing this week that “blockchain is the most over-hyped — and least useful — technology in human history.”


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: kate rooney, getty images
Keywords: news, cnbc, companies, technology, goldman, blockchain, economic, white, gary, joins, advisor, spring, financial, startup, company, information, house, cohn, sachs, labs


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Kanye West’s 000000 iPhone password and 7 other things you should never do

During Kanye West’s well-publicized visit to the White House on Thursday, he may have revealed more about himself than he intended to. The rapper joined President Trump for a working lunch and, at one point, pulled out his phone to show the president a GIF. The cameras behind him caught his iPhone PIN, “000000,” and broadcast it live. Regardless, once your PIN is out there for the world to see, it’s definitely time to change it. CNBC Make It asked experts to share some of their top tips and best


During Kanye West’s well-publicized visit to the White House on Thursday, he may have revealed more about himself than he intended to. The rapper joined President Trump for a working lunch and, at one point, pulled out his phone to show the president a GIF. The cameras behind him caught his iPhone PIN, “000000,” and broadcast it live. Regardless, once your PIN is out there for the world to see, it’s definitely time to change it. CNBC Make It asked experts to share some of their top tips and best
Kanye West’s 000000 iPhone password and 7 other things you should never do Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: marilyn haigh, saul loeb, afp, getty images, -jared demott, founder of vda labs
Keywords: news, cnbc, companies, wests, working, 000000, pin, world, password, west, white, kanye, iphone, phone, wellpublicized, president, things


Kanye West's 000000 iPhone password and 7 other things you should never do

During Kanye West’s well-publicized visit to the White House on Thursday, he may have revealed more about himself than he intended to.

The rapper joined President Trump for a working lunch and, at one point, pulled out his phone to show the president a GIF. The cameras behind him caught his iPhone PIN, “000000,” and broadcast it live.

By now, West has probably changed his PIN. But the reveal could have broader implications for his security.

“Even if his other PINs aren’t 000000, knowing that he has poor cyber hygiene I think helps an attacker go, ‘I bet his Gmail password isn’t very good, either,'” says Jared DeMott, founder of VDA Labs and a former NSA analyst. Regardless, once your PIN is out there for the world to see, it’s definitely time to change it.

CNBC Make It asked experts to share some of their top tips and best practices for finding a secure way to lock your phone.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: marilyn haigh, saul loeb, afp, getty images, -jared demott, founder of vda labs
Keywords: news, cnbc, companies, wests, working, 000000, pin, world, password, west, white, kanye, iphone, phone, wellpublicized, president, things


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Republicans accuse Democrats of ‘mob’ tactics as midterms approach

During the multiple rounds of Senate hearings on Brett Kavanaugh’s Supreme Court nomination, protesters accosted senators in hallways and elevators. He added: “We will not let mob behavior drown out all the Americans who want to legitimately participate in the policymaking process.” Trump repeated the “mob rule” line on Monday morning, tweeting a quote from right-wing commentator Ben Shapiro. The president’s charge echoes other Republicans’ recent attacks on Democrats. GOP Rep. Dave Brat of Virg


During the multiple rounds of Senate hearings on Brett Kavanaugh’s Supreme Court nomination, protesters accosted senators in hallways and elevators. He added: “We will not let mob behavior drown out all the Americans who want to legitimately participate in the policymaking process.” Trump repeated the “mob rule” line on Monday morning, tweeting a quote from right-wing commentator Ben Shapiro. The president’s charge echoes other Republicans’ recent attacks on Democrats. GOP Rep. Dave Brat of Virg
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Keywords: news, cnbc, companies, republicans, democrats, mob, thrown, tactics, white, trump, accuse, senate, sen, recent, worry, violence, midterms, approach


Republicans accuse Democrats of 'mob' tactics as midterms approach

The 56-second ad, bathed in a red-orange tinge, links comments from Democratic leaders with the so-called resistance movement against Trump.

In recent months, demonstrators have heckled Trump administration associates and GOP lawmakers in public, such as White House advisor Stephen Miller, Texas Sen. Ted Cruz and White House press secretary Sarah Huckabee Sanders. During the multiple rounds of Senate hearings on Brett Kavanaugh’s Supreme Court nomination, protesters accosted senators in hallways and elevators.

Senate Majority Leader Mitch McConnell, R-Ky., said Thursday on the Senate floor that “only one side was happy to play host to this toxic fringe behavior. Only one side’s leaders are now openly calling for more.”

He added: “We will not let mob behavior drown out all the Americans who want to legitimately participate in the policymaking process.”

Trump repeated the “mob rule” line on Monday morning, tweeting a quote from right-wing commentator Ben Shapiro.

The president’s charge echoes other Republicans’ recent attacks on Democrats. In a radio interview Tuesday, Sen. Rand Paul, R-Ky., said, “I really worry that someone is going to be killed and that those who are ratcheting up the conversation — they have to realize that they bear some responsibility if this elevates to violence.”

GOP Rep. Dave Brat of Virginia said he was running against the “liberal mob” at a town hall debate in October — a characterization Democrats balked at.

But Democrats and critics of the GOP have been quick to point out that Trump himself seemed to call for violence on multiple occasions during his campaign rallies.

“Trump, more than any leading U.S. figure in recent memory, has actively tried to stoke civil conflict on as many fronts as possible,” Greg Sargent, a liberal columnist at The Washington Post, wrote.

Trump used such provocative language on the campaign trail in 2016.

“If you see somebody getting ready to throw a tomato, knock the crap out of them, would you? Seriously, OK? Just knock the hell,” Trump said in February 2016. “I promise you I will pay for the legal fees. I promise, I promise.”

At two more rallies that month, Trump said of one protester: “I’d like to punch him in the face, I’ll tell you.” Of another, he said: “Try not to hurt him. If you do, I’ll defend you in court. Don’t worry about it.”

At a rally in North Carolina in March, one protester was sucker-punched by an attendee while being escorted out of the building.

After he was elected, Trump appeared to encourage the increased use of violence among police officers, saying at a July 2017 speech: “When you see these thugs being thrown into the back of a paddy wagon, you just seen them thrown in, rough. I said, ‘Please don’t be too nice.”


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: kevin breuninger, saul loeb afp getty images
Keywords: news, cnbc, companies, republicans, democrats, mob, thrown, tactics, white, trump, accuse, senate, sen, recent, worry, violence, midterms, approach


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Trump says American pastor freed from Turkish custody will visit White House Saturday

Hours later, Brunson was transported to Izmir’s airport and was flown out of Turkey, where he had lived for two decades. I love Turkey,” an emotional Brunson, who had maintained he was innocent of all charges, told the court during Friday’s hearing. U.S. President Donald Trump tweeted after the American was driven out of a Turkish prison in a convoy. Earlier, the court called two witnesses following tips from witness Levent Kalkan, who at the previous hearing had accused Brunson of aiding terror


Hours later, Brunson was transported to Izmir’s airport and was flown out of Turkey, where he had lived for two decades. I love Turkey,” an emotional Brunson, who had maintained he was innocent of all charges, told the court during Friday’s hearing. U.S. President Donald Trump tweeted after the American was driven out of a Turkish prison in a convoy. Earlier, the court called two witnesses following tips from witness Levent Kalkan, who at the previous hearing had accused Brunson of aiding terror
Trump says American pastor freed from Turkish custody will visit White House Saturday Cached Page below :
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Keywords: news, cnbc, companies, visit, american, witness, witnesses, pastor, custody, white, accused, house, trump, saudi, release, brunson, turkish, freed, turkey, diplomatic, court


Trump says American pastor freed from Turkish custody will visit White House Saturday

Hours later, Brunson was transported to Izmir’s airport and was flown out of Turkey, where he had lived for two decades. He was expected to be flown to the U.S. military hospital in Landstuhl, Germany.

“I love Jesus. I love Turkey,” an emotional Brunson, who had maintained he was innocent of all charges, told the court during Friday’s hearing. He tearfully hugged his wife Norine Lyn as he awaited the court decision.

“PASTOR BRUNSON JUST RELEASED. WILL BE HOME SOON!” U.S. President Donald Trump tweeted after the American was driven out of a Turkish prison in a convoy.

Brunson’s release was a diplomatic triumph for Trump, who is counting on the support of evangelical Christians for Republican candidates ahead of congressional elections in November.

It could also benefit Turkey, allowing the government to focus on an escalating diplomatic crisis over Jamal Khashoggi, a Saudi contributor to The Washington Post who went missing more than a week ago and is feared dead after entering the Saudi consulate in Istanbul. Turkish officials suspect Khashoggi was killed in the consulate; Saudi officials deny it.

Additionally, Turkey could now hope that the U.S. will lift tariffs on Turkish steel and aluminum imports, injecting some confidence into an economy rattled by high inflation and a mountain of foreign currency debt.

Friday’s ruling followed witness testimony that seemed to partly undermine the prosecutor’s allegations and highlighted concerns that Turkey had been using the U.S. citizen as diplomatic leverage. Turkey bristled at suggestions that its judicial system is a foreign policy instrument, and has accused the U.S. of trying to bend Turkish courts to its will with tariffs in August that helped to send the Turkish currency into freefall.

Brunson’s release doesn’t resolve disagreements over U.S. support for Kurdish fighters in Syria, as well as a plan by Turkey to buy Russian missiles. Turkey is also frustrated by the refusal of the U.S. to extradite Fethullah Gulen, a Pennsylvania-based Muslim cleric accused by Turkey of engineering a 2016 coup attempt.

The court dropped an espionage charge against Brunson, who had faced up to 35 years in jail if convicted of all the charges against him. He was among tens of thousands of people, mostly Turks, who were caught up in a government crackdown after the failed coup.

He was accused of committing crimes on behalf of Gulen as well as Kurdish militants who have been fighting the Turkish state for decades.

Earlier, the court called two witnesses following tips from witness Levent Kalkan, who at the previous hearing had accused Brunson of aiding terror groups. The new witnesses did not confirm Kalkan’s accusations. Another witness for the prosecution said she did not know Brunson.

Brunson again denied accusations that his church aided Kurdish militants, saying he had handed over a list of Syrian refugees whom the congregation had helped and adding that Turkish authorities would have identified any terrorists.

“We helped everyone, Kurds, Arabs, without showing any discrimination,” he said.

The pastor, who is originally from Black Mountain, North Carolina, was imprisoned for nearly two years after being detained in October 2016. He was formally arrested in December of that year and placed under house arrest on July 25 for health reasons.

Turkish President Recep Tayyip Erdogan had resisted U.S. demands for Brunson’s release, insisting that the courts are independent. But he had previously suggested a possible swap involving Brunson and Gulen, who denied he organized the coup attempt.

Other witnesses had not yet testified in Brunson’s case and evidence was still not complete, suggesting a rushed effort to resolve the case.

Brunson led a small congregation in the Izmir Resurrection Church. The U.S. Commission on International Religious Freedom, with top representative Tony Perkins monitoring the trial, had listed him as a “prisoner of conscience.”

While supporters in the United States celebrated Brunson’s release, his case overshadowed the predicament of a Turkish-American scientist from NASA and several Turkish workers for the U.S. diplomatic mission who were arrested in Turkey.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: afp, getty images
Keywords: news, cnbc, companies, visit, american, witness, witnesses, pastor, custody, white, accused, house, trump, saudi, release, brunson, turkish, freed, turkey, diplomatic, court


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UK firms could soon have to reveal their ethnicity pay gap

U.K. businesses may be forced to publish their ethnicity pay gap data under plans unveiled by the country’s prime minister. Theresa May launched a consultation this week on what information employers should publish to help address the “significant disparities” in pay among ethnic minority and white employees. The new consultation will also ask employers how ethnicity data can be collected without burdening businesses. It comes after the British government introduced mandatory gender pay gap repo


U.K. businesses may be forced to publish their ethnicity pay gap data under plans unveiled by the country’s prime minister. Theresa May launched a consultation this week on what information employers should publish to help address the “significant disparities” in pay among ethnic minority and white employees. The new consultation will also ask employers how ethnicity data can be collected without burdening businesses. It comes after the British government introduced mandatory gender pay gap repo
UK firms could soon have to reveal their ethnicity pay gap Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: chloe taylor, gary yeowell, digitalvision, getty images
Keywords: news, cnbc, companies, businesses, ethnic, uk, white, ethnicities, minority, ethnicity, soon, gap, reveal, prime, firms, pay, publish


UK firms could soon have to reveal their ethnicity pay gap

U.K. businesses may be forced to publish their ethnicity pay gap data under plans unveiled by the country’s prime minister.

Theresa May launched a consultation this week on what information employers should publish to help address the “significant disparities” in pay among ethnic minority and white employees.

The new consultation will also ask employers how ethnicity data can be collected without burdening businesses. It comes after the British government introduced mandatory gender pay gap reporting for companies with more than 250 employees in 2017.

According to the prime minister, the move follows on from a pledge the government made to “explain or change ethnic disparities in all areas of society.”

“Every employee deserves the opportunity to progress and fulfil their potential in their chosen field, regardless of which background they are from, but too often ethnic minority employees feel they’re hitting a brick wall when it comes to career progression,” she said in a press release.

“Our focus is now on making sure the U.K.’s organizations, boardrooms and senior management teams are truly reflective of the workplaces they manage.”

However, one thinktank researcher said the audits would place an unnecessary burden on businesses.

“This is a Pandora’s Box,” Len Shackleton, editorial research fellow at the Institute of Economic Affairs, told CNBC via email.

“There are over 100 ethnicities in this country, most of which are as different from each other — more so, perhaps — than they are from white Brits.”

“If a company has a board member of Indian heritage, this means nothing to someone from Somalia. Forcing businesses to report on pay will result in meaningless statistics because the numbers for particular ethnicities within one firm are likely to be statistically insignificant, where nothing can really be gleaned from them. Essentially the government would be burdening businesses with more bureaucracy without any useful return.”


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: chloe taylor, gary yeowell, digitalvision, getty images
Keywords: news, cnbc, companies, businesses, ethnic, uk, white, ethnicities, minority, ethnicity, soon, gap, reveal, prime, firms, pay, publish


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Larry Kudlow suggests some CEOs may be using China tariffs as an excuse for poor performance

“There are a lot of CEOs who come here and I visit with who are very positive and optimistic about the economy,” Kudlow said on “Fast Money Halftime Report.” J.P. Morgan CEO Jamie Dimon is an optimist, Kudlow said. Apple CEO Tim Cook is an optimist, Kudlow added “[Cook] is in touch with us constantly. The U.S. and China are locked in a trade war that’s seen each side imposing tariffs on each other’s products. Most recently, the U.S. levied duties on $200 billion worth of goods from China, prompt


“There are a lot of CEOs who come here and I visit with who are very positive and optimistic about the economy,” Kudlow said on “Fast Money Halftime Report.” J.P. Morgan CEO Jamie Dimon is an optimist, Kudlow said. Apple CEO Tim Cook is an optimist, Kudlow added “[Cook] is in touch with us constantly. The U.S. and China are locked in a trade war that’s seen each side imposing tariffs on each other’s products. Most recently, the U.S. levied duties on $200 billion worth of goods from China, prompt
Larry Kudlow suggests some CEOs may be using China tariffs as an excuse for poor performance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, ceos, billion, performance, companies, worth, white, war, excuse, economy, tariffs, poor, kudlow, suggests, optimist, china, larry, using, trade


Larry Kudlow suggests some CEOs may be using China tariffs as an excuse for poor performance

Larry Kudlow says we’re in a booming economy, believes sell-off was a correction 12:47 PM ET Fri, 12 Oct 2018 | 16:33

Some American companies could be using China’s retaliatory trade tariffs as an excuse for their own poor quarterly performances, White House economic advisor Larry Kudlow told CNBC on Friday.

Kudlow, who declined to call out any companies by name, said he wanted to express his skepticism because CEOs “love to blame other factors outside to perhaps cover their own execution.”

A number of industrial companies in recent days, including paint and coating maker PPG and supply distributor Fastenal, have expressed concern about the U.S.-China trade war damaging their businesses.

Last month, Ford, the nation’s second-largest automaker, said it suffered $1 billion in lost profits from tariffs on metals imported to the United States.

“There are a lot of CEOs who come here and I visit with who are very positive and optimistic about the economy,” Kudlow said on “Fast Money Halftime Report.” “So I guess we could count up CEOs.”

J.P. Morgan CEO Jamie Dimon is an optimist, Kudlow said. “He was in my office a few days ago.” Apple CEO Tim Cook is an optimist, Kudlow added “[Cook] is in touch with us constantly. I could go through a long litany.”

While recognizing “the economy is still very strong,” Dimon on on Friday raised concerns that higher interest rates and geopolitical flareups could hurt U.S. growth.

The U.S. and China are locked in a trade war that’s seen each side imposing tariffs on each other’s products. Most recently, the U.S. levied duties on $200 billion worth of goods from China, prompting Beijing to put tariffs on $60 billion worth of U.S. goods.

Before joining the Trump administration as director of the National Economic Council, Kudlow was a CNBC contributor and formerly a Wall Street economist. He also served in the Ronald Reagan White House.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, ceos, billion, performance, companies, worth, white, war, excuse, economy, tariffs, poor, kudlow, suggests, optimist, china, larry, using, trade


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Trump doubles down on Fed attacks, saying it’s ‘going loco’

Saying he’s “not happy” with the Fed, Trump told Fox News he could’t understand why it was continuing to tighten U.S. monetary policy. The Fed is going loco and there’s no reason for them to do it. Even as he expressed concerns about the Fed’s interest rate policy, Trump told reporters at the White House Tuesday that he had not spoken to Fed Chairman Jerome Powell about them. I think the Fed has gone crazy,” the president told reporters. The Fed has raised interest rates three times this year an


Saying he’s “not happy” with the Fed, Trump told Fox News he could’t understand why it was continuing to tighten U.S. monetary policy. The Fed is going loco and there’s no reason for them to do it. Even as he expressed concerns about the Fed’s interest rate policy, Trump told reporters at the White House Tuesday that he had not spoken to Fed Chairman Jerome Powell about them. I think the Fed has gone crazy,” the president told reporters. The Fed has raised interest rates three times this year an
Trump doubles down on Fed attacks, saying it’s ‘going loco’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: christina wilkie, everett rosenfeld, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, saying, white, going, trump, president, fed, problem, central, told, rates, loco, policy, doubles, attacks, interest


Trump doubles down on Fed attacks, saying it's 'going loco'

U.S. President Donald Trump continued his tirade against the Federal Reserve in a late Wednesday television appearance, laying into the central bank’s policy decisions and suggesting it is to blame for Wednesday’s sharp market decline.

Saying he’s “not happy” with the Fed, Trump told Fox News he could’t understand why it was continuing to tighten U.S. monetary policy. The president has previously expressed displeasure with the central bank, and that’s led some to fear the institution’s independence is at risk.

“The problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous,” Trump said during a telephone interview with Fox host Shannon Bream. “The problem [causing the market drop] in my opinion is Treasury and the Fed. The Fed is going loco and there’s no reason for them to do it. I’m not happy about it.”

“Loco” means “crazy” in Spanish.

In recent months, U.S. officials have sought to emphasize that Trump would honor the Fed’s historic ability to make decisions independent of political interference. “We as an administration absolutely support the independence of the Fed,” Treasury Secretary Steven Mnuchin reportedly said in July.

As recently as Tuesday, Trump had signaled that he understood the importance of maintaining a firewall between the White House and the Fed. Even as he expressed concerns about the Fed’s interest rate policy, Trump told reporters at the White House Tuesday that he had not spoken to Fed Chairman Jerome Powell about them.

“I like to stay uninvolved with them. I have not spoken” to Powell all year, Trump said.

Trump’s attitude towards the Fed seemed to change Wednesday, however, as fears about rapidly rising rates helped cause the Dow Jones Industrial Average to drop more than 800 points by day’s end. The S&P 500 posted its worst day since February and clinched its first five-day losing streak since 2016.

Early on Wednesday afternoon, Trump knocked his central bank as he deplaned from Air Force One in Erie, Pennsylvania for a campaign rally. “I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy,” the president told reporters.

The Fed has raised interest rates three times this year and is largely expected to hike once more before year-end.

The most recent September rate hike drew criticism from Trump at the time, who said he was “worried about the fact that they seem to like raising interest rates, we can do other things with the money,” he said.

—CNBC’s Thomas Franck contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: christina wilkie, everett rosenfeld, nicholas kamm, afp, getty images
Keywords: news, cnbc, companies, saying, white, going, trump, president, fed, problem, central, told, rates, loco, policy, doubles, attacks, interest


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Lindsey Graham channels John McCain over missing Saudi journalist

As lawmakers respond to Saudi Arabia over the disappearance and suspected murder of Washington Post columnist Jamal Khashoggi, Sen. Lindsey Graham is channeling his longtime friend, the late Arizona Sen. John McCain. This is about defining who we are and what we will accept as a nation,” Graham told reporters at the Capitol on Thursday. A senior Turkish official told The New York Times that Khashoggi was murdered in the Saudi consulate in Istanbul, Turkey. At the White House on Thursday, however


As lawmakers respond to Saudi Arabia over the disappearance and suspected murder of Washington Post columnist Jamal Khashoggi, Sen. Lindsey Graham is channeling his longtime friend, the late Arizona Sen. John McCain. This is about defining who we are and what we will accept as a nation,” Graham told reporters at the Capitol on Thursday. A senior Turkish official told The New York Times that Khashoggi was murdered in the Saudi consulate in Istanbul, Turkey. At the White House on Thursday, however
Lindsey Graham channels John McCain over missing Saudi journalist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: kevin breuninger, tom williams, cq roll call, getty images
Keywords: news, cnbc, companies, missing, journalist, mccain, trump, post, house, lindsey, channels, sen, john, khashoggi, letter, graham, white, told, saudi


Lindsey Graham channels John McCain over missing Saudi journalist

As lawmakers respond to Saudi Arabia over the disappearance and suspected murder of Washington Post columnist Jamal Khashoggi, Sen. Lindsey Graham is channeling his longtime friend, the late Arizona Sen. John McCain.

“This is about universal values. This is about defining who we are and what we will accept as a nation,” Graham told reporters at the Capitol on Thursday.

“The one thing I’ve learned from John McCain above all else is that, in moments like this, you have to embrace your values,” said Graham, R-S.C. “No more transactional interactions.”

Graham, who is a close confidant of President Donald Trump, also said he was disappointed about his exchange yesterday afternoon with the Saudi Arabian ambassador to the U.S.

“It was not a very helpful phone call,” he said, without offering more details.

The Trump administration has yet to appoint a U.S. envoy to the Saudi kingdom, instead positioning White House senior advisor and Trump’s son-in-law Jared Kushner in a leading role for U.S.-Middle East relations.

A senior Turkish official told The New York Times that Khashoggi was murdered in the Saudi consulate in Istanbul, Turkey. But Saudi Arabia insists that Khashoggi left the consulate shortly after he arrived.

The Washington Post reported Wednesday that Saudi Crown Prince Mohammed bin Salman had ordered for Khashoggi, who was living in self-imposed exile in Virginia, to be coaxed back into the kingdom and detained.

Khashoggi, a Saudi journalist who had been a vocal critic of the kingdom’s royal family, entered the consulate in Turkey on Oct. 2 and has not been seen outside it since, the Post reported.

Graham, the chair of the subcommittee on appropriations handling U.S. foreign assistance, was one of several senators to submit a letter to Trump on Wednesday evening that requires the administration to investigate Khashoggi’s disappearance.

Under the Global Magnitsky Act, signed by President Barack Obama in 2012, the letter triggered a 120-day countdown clock for Trump to decide whether to impose sanctions on Saudi Arabia.

The letter was co-authored by Senate Foreign Relations Committee Chairman Bob Corker, R-Tenn., as well as the committee’s ranking Democrat, Bob Menendez of New Jersey, and Vermont Democrat Sen. Patrick Leahy. Eighteen other senators of both political parties co-signed the letter to Trump.

At the White House on Thursday, however, Trump appeared to push back on the possibility of stifling investment opportunities between the U.S. and Saudi Arabia. Trump told reporters that there are other ways of handling the situation with Khashoggi, though it was not immediately clear what those alternatives could be.

Graham suggested Thursday that the Magnitsky investigation was the “first step” and could potentially be followed by “standalone legislation.”

There is “a lot of interest in sending a strong signal,” Graham added.

Neither the White House nor a spokesman for Graham immediately responded to CNBC’s requests for comment.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: kevin breuninger, tom williams, cq roll call, getty images
Keywords: news, cnbc, companies, missing, journalist, mccain, trump, post, house, lindsey, channels, sen, john, khashoggi, letter, graham, white, told, saudi


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Larry Summers: Trump’s Fed bashing is actually ‘counterproductive’ to his own goal of low rates

On Thursday, Trump said Powell is making a mistake with monetary policy but added that he does not intend to fire the Fed chairman. “Actions like the president’s are counterprodutive in the president’s terms,” said Summers, Harvard University president emeritus and formerly an economic advisor in Barack Obama’s White House. Summers, a strident critic of Trump, favors the kind of low rate policy that the president wants to preserve, but for different reasons. Trump wants to keep rates low because


On Thursday, Trump said Powell is making a mistake with monetary policy but added that he does not intend to fire the Fed chairman. “Actions like the president’s are counterprodutive in the president’s terms,” said Summers, Harvard University president emeritus and formerly an economic advisor in Barack Obama’s White House. Summers, a strident critic of Trump, favors the kind of low rate policy that the president wants to preserve, but for different reasons. Trump wants to keep rates low because
Larry Summers: Trump’s Fed bashing is actually ‘counterproductive’ to his own goal of low rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: matthew j belvedere
Keywords: news, cnbc, companies, goal, trumps, counterproductive, president, summers, bashing, trump, white, presidents, larry, actually, monetary, rates, rate, wants, policy, low, fed


Larry Summers: Trump's Fed bashing is actually 'counterproductive' to his own goal of low rates

Larry Summers: This might be the most short-sighted set of economic policies since World War II 2 Hours Ago | 09:10

President Donald Trump’s “totally inappropriate” attack on the Federal Reserve puts central bankers in a box, economist Larry Summers said Thursday.

“When the president of the United States blatantly politicizes the Fed, he makes it much harder for the Fed to ease [monetary policy] if they think that’s what’s appropriate,” the Treasury secretary in Bill Clinton’s administration told CNBC.

“No responsible central bank wants to look like it’s bending to political pressure,” he added. “It will damage its reputation and credibility if there’s an appearance of bending.”

Trump called into Fox News on Wednesday night and upped the ante on his criticism of the Fed under the leadership of Chairman Jerome Powell for increasing interest rates too quickly. “The Fed is going loco,” Trump said.

On Thursday, Trump said Powell is making a mistake with monetary policy but added that he does not intend to fire the Fed chairman.

“Actions like the president’s are counterprodutive in the president’s terms,” said Summers, Harvard University president emeritus and formerly an economic advisor in Barack Obama’s White House.

Powell’s remarks last week about monetary policy being a “long way” from neutral signaled a possibly more aggressive path for rate hikes, sparking a spike in bond yields to seven-year highs and applying pressure on the stock market.

The Fed last month raised the federal funds rate, which banks charge each other for overnight loans, for the third time this year. Another increase is expected in December. Post-meeting projections indicated central bankers were likely to take that benchmark rate to 3.4 percent before pausing.

Summers, a strident critic of Trump, favors the kind of low rate policy that the president wants to preserve, but for different reasons.

“For a long time now, I believed that the dangers are probably more on the tightening side than they are of staying easy for too long,” Summers told “Squawk on the Street,” saying he’s worried the “sugar high” from Trump’s corporate tax cut and other stimulative policies won’t be able to prop up the economy forever.

Trump wants to keep rates low because he fears further hikes could derail the stronger economy that’s been seen since he’s been in the White House. The president and his advisors have argued the pace of growth is not fueling problematic inflation, and therefore there’s no reason for the Fed to act.

Larry Kudlow, the president’s top economic advisor, said earlier Thursday in a separate interview on CNBC that Trump “is not dictating policy to the Fed.”

“The president has his own views. He’s stated them many times,” said Kudlow, a CNBC commentator before joining the White House. “We all know the Fed is independent.”


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: matthew j belvedere
Keywords: news, cnbc, companies, goal, trumps, counterproductive, president, summers, bashing, trump, white, presidents, larry, actually, monetary, rates, rate, wants, policy, low, fed


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