The Fed raised interest rates twice this year and Mr. Powell said two more increases are likely before the end of 2018. Higher interest rates mean higher borrowing costs for consumers and higher mortgage rates. Eventually Burns relented, aiding Nixon but also helping to feed runaway inflation that dogged the US economy for almost a decade.
Donald Trump said he was concerned about the potential impact on the United States economy and American corporate competitiveness from rising rates and a stronger dollar.
While it's been many years, the White House has also been known to exert other forms of pressure.
The Fed's dual mandate is to maximize employment and stabilize prices.
The Fed slashed short-term rates to near zero in the wake of the 2008 financial crisis. That policy drew rebukes from many Republican lawmakers.
Trump nominated current Fed Chair Powell, who had served as a governor on the board of the Fed, to serve at its helm after Janet Yellen's retirement in February. Last week, Powell said in an interview with the radio program Marketplace that he didn't expect to face pressure from the White House.
"We have a long tradition here of conducting policy in a particular way, and that way is independent of all political concerns", Powell said.
U.S. oil inventories increase in week ending July 13 President Trump took to Twitter in late June, when oil prices were on the rise as many feared tightening oil supplies. In February, Iran's Oil Ministry said the country had hoped to raise this to 4.7mbpd within the next four years.
"But I don't like all of this work that goes into doing what we're doing".
"I am not happy about it".
The reaction to Trump's remarks in the financial markets was muted. The U.S. dollar fell to 112.46 yen from 112.84 yen earlier, and yields on Treasurys dipped slightly.
The White House was forced to release a statement saying "of course" President Trump respects the "independence" of the Federal Reserve after he blasted the Fed's decision to raise interest rates. Now, even if the Fed pauses its rate-hike campaign for valid economic reasons, it could look politicized. "But at the same time I'm letting them do what they feel is best", Trump told CNBC.
Most developed-world central banks are given a degree of independence from governments so monetary policy doesn't succumb to the whims of politicians. "My experience at the Fed is consistent with what Jay Powell recently said - being non-political is deep in the Fed's DNA - and I believe that Jay will keep it that way".
Most Fed policymakers see the US job market as close to full strength, while inflation has recently risen to the Fed's 2 percent target. But he also told CNBC during the campaign that he is a "low interest-rate-person".
If the Fed moves too aggressively, however, it could curb economic activity so severely that it helps to provoke a recession.
The last known example of USA presidential strong-arming came when George H.W. Bush was fighting for re-election. But the past three administrations under Bill Clinton, George W. Bush and Barack Obama have refrained from publicly commenting on policy decisions.
At the UnityPoint Health facility, patients were evacuated to a nearby hospital after the building was damaged by the tornado . Mark Smith , who lives in Marshalltown, told Des Moines station KCCI-TV that the area likely will be declared a disaster area.
Now, WhatsApp is moving to fix it and has introduced a new rule that changes the way you forward messages in the chat app. WhatsApp had also bought full-page adverts in Indian newspapers with tips on how to spot misinformation.
The hypersonic Kinzhal travels at ten times the speed of sound and is now undergoing tests in southern Russian Federation . Russia's next-generation nuclear-powered cruise missiles are capable of hitting targets throughout the United States.
I don't think the rain is going to affect how the golf course is playing in one day, but I have to just keep doing what I'm doing. However, he was clearly irked by the remarks of Harmon, best known for being the coach of Tiger Woods from 1993 to 2004.
Nor do I believe that Russian sportsmen are consuming these substances in anything like the amounts being said. He has lost only a 12-round unanimous decision to former champ Wladimir Klitschko in October 2013 in Moscow.
The sport paid for that unlimited access Thursday when unruly spectators interrupted the most iconic climb of the Tour de France . Van Avermaet impressed with his pace in the climbs during Tuesday's stage, but was unable to repeat his performance.
The president campaigned on closer ties with Russian Federation , a goal that had been thwarted during his first year in office. Ms Sanders said "those discussions are already under way" for an autumn meeting between the two presidents.
They interviewed 6 of 641 people aged from 11 to 90 years about their earliest memories and what emotions they have aroused. For example, it shouldn't be triggered by a photograph, family story or any source other than direct experience.
Donald Tusk , president of the European Council, hailed the agreement as the largest bilateral trade deal ever. The EU also reached a deal allowing businesses to seamlessly transfer personal data between the bloc and Japan.
Two years does not leave any room for manoeuvre if he is to match Michael Schumacher's record haul of seven world titles. Confirmation of his new contract could even come as early as this weekend's German Grand Prix.
The crooner is now on a world tour, and had been scheduled to perform at Stansted Park, West Sussex, earlier this week. This comes after Jones' gig at Stanstead Park last night was cancelled just hours before it was due to begin.
One person said that her behaviour was the "perfect response", while another wrote: "Well done to her. The title of the post read: "My cousin takes down this pervert down for grabbing her a-".
Jupiter has an "oddball" moon and we can relate
Two other new moons were found to be part of a closer group that orbits in the prograde , or same direction as Jupiter's rotation. Two other new moons are closer and move in a prograde orbit, which is in line with the direction that Jupiter is moving.
Huawei nova 3i announced with Kirin 710
To take your selfies up a notch, it has AI Selfie recognition that optimises your portrait background depending on the scene. After several weeks of leaks and rumours, Huawei has officially introduced the new Nova series: the Nova 3 and Nova 3i .
'It wasn't pretty off the tee, but I got it done' - McIlroy
That may be true in Knox' mind, but Woods showed Thursday his history on the links is still unfolding in front of our eyes. Kisner was 1 over going into the fifth hole when he hit a 3-iron onto the par-5 and sunk a long putt for eagle.
Why Real Madrid are putting off Eden Hazard deal
The former Lille star who has a verbal agreement in place and has always stated he wants to win the coveted Champions League. The same article states that los Blancos are set to come in with an improved offer for the 27-year-old Premier League star .
Man 'steals date's auto before using it to go on another date'
According to a police report, Griffin stopped at Marathon station on Winchester Road and asked the woman to get him some cigars. The suspect apparently had a previous record, when he was first arrested in 2016, after he and two others robbed a restaurant.
7 injured when tornado hits Iowa factory
Amateur video posted on social media of powerful tornadoes ripping through Iowa looked like scenes right out of the movie Twister. The family sought shelter in the building's basement and heard "cracking and booms and explosions" as the tornado passed.
Woman stung by 80,000 Africanised bees in California
The homeowner, who only went by the name Sara, recalled the attack that sent her housekeeper Maria to the hospital. Six people in total were hospitalized, including Sarah who complained of breathing issues hours after the attack.
Fiji finalise World Cup Sevens squad
There will also be loads of action at the women's World Cup. "This is going to be more of a psychological test rather than a physical one [at the World Cup]". "We must bring our "A" game from the first match to the last".