In a stinging and historically rare criticism, President Donald Trump expressed frustration with the Federal Reserve and said the central bank could disrupt the economic recovery.
Presidents rarely intercede when it comes to the Fed, which sets the benchmark interest rate that flows through to many types of consumer debt.
Fed officials, including Chairman Jerome Powell, have raised interest rates twice this year and have pointed to two more before the end of 2018.
Trump, in an interview with CNBC, said he does not approve, even though he said he "put a very good man in" at the Fed in Powell.
“I’m not thrilled,” he told CNBC's Joe Kernen in an interview to air in full Friday at 6 a.m. ET on "Squawk Box." “Because we go up and every time you go up they want to raise rates again. I don't really — I am not happy about it. But at the same time I’m letting them do what they feel is best.”
“But I don’t like all of this work that goes into doing what we’re doing.”
Markets reacted to Trump's comments, with stocks, the dollar and Treasury yields all falling.
Fed officials did not comment on the president's remarks. The White House, in a statement after the interview excerpt aired on CNBC, emphasized that Trump did not mean to influence the Fed's decision-making process.