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Navarro Blasts Case for Fed Rate Hike to Defend Its Independence

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Fed Should Slow Down the Pace of Rate Hikes, MUFG's Herrmann Says

White House trade adviser Peter Navarro echoed his boss’s criticism of the Federal Reserve on Monday, saying the central bank would be unjustified in raising interest rates just to show its independence from political pressure.

“We have zero inflation for all practical purposes, so on Wednesday the only argument I am hearing for the Fed to raise rates is that somehow they have to exert their independence from the White House,’’ Navarro told CNBC on Monday. “This is a bad argument. I think what the Fed should do is simply do what it says it’s going to do, which is look at the data.’’