The daily business briefing: August 21, 2018

Trump again criticizes the Fed over rate hikes, the EPA moves to reverse Obama-era coal-plant restrictions, and more

Fed Chairman Jerome Powell at a Senate hearing
(Image credit: Alex Wong/Getty Images)

1. Trump repeats criticism of Fed rate hikes

President Trump said Monday he was "not thrilled" with Federal Reserve Chairman Jerome Powell for raising interest rates. The Fed has made two quarter-point rate hikes this year and envisions two more. Trump nominated Powell last year to replace former Fed Chair Janet Yellen. Trump gave investors the jitters in July when he first publicly criticized the central bank's rate hikes, which are meant to keep the economy from overheating as it picks up steam and the job market gains strength. Trump said the Fed should be keeping rates lower to boost the economy and strengthen his hand in trade talks. U.S. presidents rarely criticize the Fed, as its independence is widely seen as crucial for the stability of the economy. U.S. stock-index futures inched higher early Tuesday, as investors awaited the Wednesday release of the minutes from the Fed's most recent meeting.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.