Trump attacks the Fed as stocks fall and midterms emerge

But the volume of public comment has fallen sharply in recent decades as politicians have concluded that putting pressure on the Fed is counterproductive. The administrations of Presidents Bill Clinton, George W. Bush and Barack Obama have all adopted a policy of silence on monetary policy.

Krishna Guha, head of the central bank's strategy team at Evercore ISI, said he did not expect Trump's remarks to affect the Fed. But he added that if Mr. Trump succeeded, he would probably regret it.

If Trump's attacks convince markets that the Fed could act more slowly or show greater tolerance for inflation, bond yields would rise, putting additional downward pressure on stock prices. .

Guha, a former senior official of the Federal Reserve Bank of New York, said the president's criticisms were not good for the central bank or for the future conduct of economic policy.

"You never want to be in a position where a part of society does not just ask if you've made the right call or not, but if you made that call in the public interest," he said. -he declares.

Mr. Trump's associates sought to minimize his differences. Larry Kudlow, the president's chief economic adviser, said Trump was only giving his pennies. "I do not think he's" calling the Fed, "quote," Kudlow told the press Thursday before the White House. "I really think so. I think he gives you his opinion. He is a successful businessman, a very knowledgeable investor. He has his views. But he does not tell them, "Change your plan."

Mr. Kudlow added, "He knows the Fed is independent and he respects that."

Trump's criticisms seem oddly opposed to how he has managed the most powerful means at his disposal to influence monetary policy. Since taking office less than two years ago, he has had the unusual opportunity to fill six of the seven seats on the Fed's board of governors.