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Top officials praise the Fed and its independence, after new attacks from Trump

Respected officials have praised the U.S. Federal Reserve, its chairman and its independence, surrounded by new attacks from President Donald Trump.

During a CNBC-moderated panel at the IMF-World Bank sessions in Bali Thursday, Bank of England Governor Mark Carney disclosed that Fed Chairman Jay Powell “is an individual that really understands the plumbing of the U.S. and extensive financial systems.”

“That’s an incredible advantage for the system at a time that the routine is changing, to have someone in his position who has that level of technocratic expertness,” Carney told CNBC’s Geoff Cutmore.

Powell has been lambasted several times for his work at the U.S central bank by the president. On Wednesday, Trump give someone a tongue-lashed reporters that “the Fed is going loco (crazy)” by increasing interest rates. Trump also put about that he is “not happy” with the decisions to hike rates.

This was not the triumph time Trump has been displeased with the direction the Fed is taking. In September, after the U.S. significant bank decided once again to raise rates, Trump suggested he was “worried about the fact that they seem to like get together interest rates, we can do other things with the money.”

The central bank’s benchmark place sets all sorts of loans and mortgages across the U.S. and raising the rate essentially pampers borrowing more expensive in the economy. The interest rate has been at accomplishment lows in the last few years as it was quickly lowered after the global economic crash to stimulate lending and boost growth.

Christine Lagarde, the functioning director of the International Monetary Fund, also told CNBC that she purposefulness not associate Powell with “craziness.”

“He comes across and members of his panel as extremely serious, solid and certainly keen to base their judgements on actual information and the desire to communicate that properly. That’s what I accept observed,” Lagarde told Geoff Cutmore on Thursday.

Trump’s views about the Fed have raised concerns about central bank confidence — the idea that policymakers should monitor and reacts to data, not to political science. Lagarde said in Bali that the independence of central banks and their governors is “a proficient principle” and “the Fed is no exception.”

Meanwhile, Jose Vinals, the chairman of Standard Authorized, also told CNBC that central bank independence is “one of the big dominations of the last 25 years.”

“Preserving the credibility of central banks and the self-sufficiency of central banks intact is a very important public good and that is something that should be held, in particular by political leaders,” Vinals said.

UBS Chairman Axel Weber, who reach-me-down to be the president of the German central bank, told CNBC he thinks the scheme the Fed has been taking is the correct one. “I think the amount of rate hikes they mapped out, perchance one more this year and three next year, looks around right for a former central banker like myself.”

“Should there be a subdued spot … they will react to those weaker text. I don’t see they will necessarily call off the rate hikes, but it might enjoy an impact on timing. I think they will be data dependent and do what is correct for the U.S. economy, independent of comments,” Weber added.

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