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Completing a well-respected central banker and replacing it with your own employee must guarantee an easy ride for the newcomer, you had thought. But these days we live in the Trump world and Jerome Powell, the president's choice to chair the Federal Reserve as a replacement for Janet Yellen, made it to the White House on Monday.
The Fed has increased interest rates and is expected to continue doing so, with another two increases expected this year. But President Trump told Reuters on Monday:
I'm not happy with his rate hike, no, I'm not happy.
We negotiate very powerfully and strongly with other countries [on trade]. We are going to win. But during this period I should get some help from the Fed. The other countries are accommodated.
Not what Powell wants to hear for the most important meeting of central bankers this week in Jackson Hole. And Trump's intervention puts the Fed in a difficult place. Jasper Lawler, head of research at London Capital Group, said:
Trump could later sow the line for problems with market perception. For example, the stronger dollar result in weaker economic figures should evolve towards December and the Fed decides not to hike. The market may wonder whether the Fed has chosen not to walk on the basis of data or to appease Trump? So, although Trump will not influence the path of interest rate hikes, his remarks may influence the perception of the market what is going on, which is an equally dangerous game to play.
Trump also used the Reuters interview to once again take a swipe to China – and to a good extent Europe – to manipulate their currency.
And prior to this week's meeting between US and Chinese officials to discuss the current trade dispute, Trump said he did not expect much progress from the talks, which is not what the markets want to hear.
But if the president wants a weaker American currency, he has his wish. The dollar is slipping back, with the pound currently 0.37% down to $ 1.2841 and the euro around 0.5% better.
On a relatively quiet day, there might be some good news for the British Chancellor Philip Hammond for his autumn budget.
The UK is expected to record its largest fiscal surplus in July for 17 years, from a deficit of £ 5.4 billion last month to a surplus of £ 1.1 billion, helped by higher corporate tax payments.
9.30 British figures from the government finances of BST
11.00 BST CBI industrial trends