Gold price edge lower, equities gain as investors wait for Fed minutes

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USA central bankers see no reason to pause the current course of gradual rate hikes that have infuriated President Donald Trump and some even say the Federal Reserve may soon need to slow the economy, according to meeting minutes.

His comments come as other Fed figures opine on an economy that has become the subject of political interest as President Donald Trump continues to bash the Fed's rate hikes ahead of the mid-term election.

Last week, Trump said the Fed "has gone insane", referring to its policy of hiking interest rates.

President TrumpDonald John TrumpKey takeaways from the Arizona Senate debate Major Hollywood talent firm considering rejecting Saudi investment money: report Mattis says he thought "nothing at all" about Trump saying he may leave administration MORE on Tuesday called the Federal Reserve his "biggest threat" and said he was unhappy with several of his additions to the independent central bank.

Trump made his comments in an interview with Fox Business Network's Trish Regan.

However, Quarles suggested that since the overheating risks could be balanced by the outlook of stronger growth, the Fed doesn't need to raise rates too fast.

"I really think it is not a desirable thing for a president to comment so explicitly on Fed policy", Yellen said Monday.

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In what has emerged as a pattern recently, the administration official sought the day after Trump's comments to tamp down the unusual presidential criticism of the US central bank, saying that Trump actually largely agreed with the Fed.

Chairman Powell - who Trump nominated last year to take the place of Janet Yellen, who held the position for four years - has said policymakers are seeking to restore rates to "normal" levels after the 2008 financial crisis.

The central bank expects to raise its key lending rate again in December - its ninth increase since 2015 - and three more times next year.

Past U.S. presidents have been reticent to criticize because Fed independence is seen as important for economic stability.

In Tuesday's interview, though, Trump said of his other nominees for the Fed, "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people". Minutes of its September meeting, when it last raised rates to 2.0-2.25 percent, are to be released later on Wednesday. "The Fed is going loco and there's no reason for them to do it and I'm not happy about it". Yellen defended her successor, Jerome Powell, while saying the USA central bank is independent and apolitical.

The Fed should "follow that course through the temporarily shifting and sometimes conflicting signs from the economy unless some strong and steady signal requires a firm but moderate correction", he said at the Economic Club of NY.

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