Kudlow says Trump respects Fed independence despite criticism

WASHINGTON – White House economic director Larry Kudlow said Sunday that President Donald Trump is concerned that higher interest rates might derail the U.S. economy, but wasn’t trying to interfere with Federal Reserve independence when he criticized monetary policy as “crazy.”

“The president, as a successful businessman and investor, knows a lot about these topics and he’s giving his opinion,” Kudlow said on “Fox News Sunday.” “His concern is the Fed might move too quickly, and might choke off the recovery.”

Trump took a shot at the central bank Wednesday, saying that the Fed was “going loco” with interest-rate increases. He doubled down Thursday, blaming the nation’s “out of control” central bank for a sixth straight day of losses that wiped out much of the year’s gains in the U.S. stock market.

The Fed has raised rates six times since Trump’s inauguration in response to low unemployment and more rapid economic growth, but it has proceeded more cautiously than in past economic expansions.

Trump’s remarks, which escalated the severity of complaints he started making about the Fed in August, led to new complaints that the central bank’s independence is under threat. Kudlow denied that.

“He never said to the Fed, ‘I want you to change this or to change that,’” Kudlow said. “He respects the Fed’s independence.”

Asked on ABC’S “This Week” whether he thought Fed policy was out of control, Kudlow said he doesn’t, and that Trump isn’t trying to influence policy.

A Rancho Cordova man was arrested on Sunday in connection with the death of man who was shot a day earlier near Astral Drive and Burline Street.

Mathew Shaffer, 34, was arrested by authorities and booked into the Sacramento County jail following a “road rage incident” on Saturday morning, according to a news release issued by the Rancho Cordova Police Department.

Authorities responded to a 911 call regarding the shooting and found a man shot in the upper body. He was pronounced dead at the scene.

President Donald Trump hinted that Defense Secretary James Mattis may be planning to quit his administration, and described the former U.S. Marine Corps general as “sort of a Democrat.”

In an excerpt from CBS’ “60 Minutes, Trump talked about the level of turnover in his administration after almost two years, and suggested that there could be more.

Mattis “hasn’t told me” that he plans to leave, Trump said, and didn’t directly answer the question of whether he’d like the Pentagon chief to quit.