George offered the most candid view yet of the president's repeated comments that he's not happy that the Fed has continued to raise interest rates since he's taken office. In an interview with CNBC's Steve Liesman, George said this isn't the first time a president has worried over monetary policy.
"Expressions of angst about higher interest rates are not unique to this administration. We know higher interest rates cause adjustments in the economy," she said during an interview from the Fed's annual retreat in Jackson Hole, Wyoming. "Congress anticipated this kind of tension when it designed the central bank, and they put firewalls in place so that the central bank could be independent and carry forth with its decision making."
In a CNBC interview on July 19, Trump expressed frustration with the Federal Reserve, saying the central bank's interest rate hikes could disrupt the economic recovery.
Thus far during Trump's term, the policymaking Federal Open Market Committee has opted to hike its benchmark interest rate five times in quarter-point increments. In all, it has raised the funds rate seven times since December 2015 in an effort to normalize policy after the extreme accommodation brought on by the financial crisis.
George had been a relatively frequent dissenter during the days when the Fed held its rate near zero, arguing that it was important to begin the normalization process.