Fed has moved too far, too fast: Peter Navarro

White House trade policy adviser Peter Navarro on Friday said the Federal Reserve doesn’t need to raise rates again this year because President Trump's economic policies are balancing growth and inflation.

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“I think the argument for the Fed not to raise rates in December is a strong one, not that things are weakening, but that we have a really strong economy here, Charles, without inflation,” he said during an interview on FOX Business’ “Making Money with Charles Payne.”

The Trump administration’s policies are greasing the wheels of the economy resulting in a historic low unemployment rate of 3.7 percent, strong economic growth of around 3 percent and minimal inflation, according to Navarro.

“The Trump policies basically allow to us grow by increasing investment and productivity, moving forward, fighting inflation, deregulation fights inflation,” he said. "Corporate tax cuts which stimulate investment fight inflation.”

The annual inflation rate in the U.S. fell to 2.2 percent in November from 2.5 percent in October, according to the Labor Department.

“The only reason why the Fed would raise rates is to fight inflation. We're not seeing that,” Navarro said. “You have to ask yourself the question, Charles, what's the Fed up to? I've said many times now that they moved too far too fast.”

The Fed, which has raised interest rates three times this year, is widely expected to hike a fourth and final time on December 19, at the conclusion of its two-day policy meeting.