Don't consider political factors

Fed chairman on Trump criticism: 'We don't consider political factors'

by Donna Borak

Federal Reserve Chairman Jerome Powell brushed off President Donald Trump's complaints about higher interest rates.
"We don't consider political factors or things like that," Powell said at a press conference Wednesday after the Fed raised rates for the third time this year. "That's who we are. That's what we do. And that's just the way it's always going to be for us."

Powell was responding to a question about extraordinary criticism from the president in two interviews this summer.

Presidents generally avoid commenting on Fed policy. But Trump told CNBC in July and Reuters in August that higher rates undermine America's competitive edge against other countries.

"I'm not thrilled with his raising of interest rates, no. I'm not thrilled," Trump, who himself appointed Powell to lead the central bank, said in the Reuters interview. "I should be given some help by the Fed."

Since Trump took office, the Fed has raised rates six times, including three times under Powell. The Fed is gradually raising rates as the economy gains strength.

At the press conference, Powell said that Fed considers the best thinking and evidence in determining interest-rate policy.

"We've been given a really important job to do on behalf of the American people by Congress, and we've been given the tools to do it," he said. "My colleagues and I are focused exclusively on carrying out that mission."