Speaking at a news conference in New York City Tuesday, Republican presidential candidate Donald Trump said Federal Reserve chair Janet Yellen kept interest rates low in order to help President Obama.

"They are not raising them because Obama has asked them not to raise them," said the billionaire developer. "In my opinion he wants to get out of office because we are in a bubble and when those rates are raised, a lot of bad things are gonna happen."

Trump also accused Yellen of being "highly political."

"Janet Yellen is highly political and not raising rates because Obama told her not to because he wants to be out playing golf and other things a year from now and he doesn't want to see a bubble burst during his administration."

President Obama is set to leave office in January 2017.

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Appearing on CNBC's "Power Lunch" Tuesday, Politico senior political correspondent Ben White said Trump's accusation was "absolutely ridiculous."

"Janet Yellen is not political at all," said White. "She takes no direction from Obama on interest rates. She's not raising them because there's no inflation and the economy is soft.

"The idea she takes calls from Obama who says "don't raise interest rates" is "absolute, utter and complete ridiculous nonsense," said White.