Trump criticizes Federal Reserve, breaking long-standing practice

"Every time you go up they want to raise rates again", Trump complained.

In a bit of hyperbole, former Fed Gov. Frederic Mishkin, on CNBC, brought up the example of Turkey President Recep Tayyip Erdogan's recent move to take over interest-rate policy, including naming his son-in-law to oversee economic policy.

"As he said he considers the Federal Reserve Board Chair Jerome Powell a very good man and that he is not interfering with Fed policy decisions", it reads.

[H] e told CNBC that Yellen should be "ashamed" of the low-interest-rate policy that Trump himself endorsed so fully in May.

After more than six years of record low interest rates that helped the USA economy recover from the 2008 financial crisis, the Fed began to slowly raise rates again in December 2015 and has raised them five times since Trump took office in January 2017. During the interview, Trump himself predicted the response: "Now I'm just saying the same thing that I would have said as a private citizen", he said. "I couldn't care less what they say, because my views haven't changed", he said. "But at the same time I'm letting them do what they feel is best". "No president should interfere with the workings of the Fed", Fisher said.

Fed officials, including Chairman Jerome Powell, have raised interest rates twice this year and have pointed to two more before the end of 2018.

Powell addressed Congress this week and told lawmakers that "for now - the best way forward is to keep gradually raising the federal funds rate".

Trump called Powell "a very good man" but worries that the work the administration has done will be nullified, CNBC reported.

Mr Trump has taken credit for robust U.S. economic performance since his election and championed December's sweeping tax cuts. Subtracting inflation, the rate is slightly negative in real terms and still "accommodative" for growth and borrowing, as the Fed said in its June statement. "Looking ahead, my colleagues on the FOMC and I expect that, with appropriate monetary policy, the job market will remain strong and inflation will stay near 2 percent over the next several years" said Powell in prepared congressional testimony on the central bank's semi-annual Monetary Policy Report on the US economy Tuesday.

He went on to criticize the declines in the euro and the Chinese yuan, contending the Fed rate increases put the U.S.at a disadvantage. But the past three administrations under Bill Clinton, George W. Bush and Barack Obama have refrained from publicly commenting on policy decisions.

While it's been many years, the White House has also been known to exert other forms of pressure.

"The Fed's reckless monetary policies will cause problems in the years to come", Trump tweeted in 2011.

The Fed has raised interest rates five times since Trump took office in January 2017, extending the campaign it began in 2015.

The last known example of USA presidential strong-arming came when George H.W. Bush was fighting for re-election.

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