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Trump criticizes Fed’s rate hikes, sending dollar lower

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In a rare situation, U.S. President Donald Trump has criticized the Federal Reserve’s interest rate hikes plans, sending the dollar lower from its record high.

“I’m not thrilled,” Trump told CNBC. “Because we go up and every time you go up they want to raise rates again. I don't really — I am not happy about it. But at the same time I’m letting them do what they feel is best.”

Trump sees that the Fed’s rate hike plans contradict with his efforts to boost economic growth through tax cuts and narrowing trade deficit.

Powell a "very good man," but I am not happy about seeing interest rates moving up, Trump said.

Previously, Trump has criticized Fed Chair Janet Yellen and said the dollar was too strong, especially against the yuan.

Earlier today, the dollar index climbed to set a new one-year high at 95.43, but after Trump’s comments the greenback plunged to 94.74.

The 10-year Treasury yield slumped 1.03 percent to 2.845 percent.

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