Donald Trump Says He's 'Not Happy' About Federal Reserve Interest-Rate Increases

President Donald Trump has said he is "not happy" about the fact that the US Federal Reserve is raising interest rates.

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.

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"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.

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