Federal Reserve Chairman Jerome Powell defended possible rate hikes in the following months. Recall that Trump had criticized the rate hikes.
In a meeting in Jackson Hole on Friday, Powell answered to Trump indirectly, and said that rate hikes are the best way to protect the recovery in U.S. economy.
“The economy is strong. Inflation is near our 2 percent objective, and most people who want a job are finding one … If the strong growth in income and jobs continues, further gradual increases in the target range for the federal funds rate will likely be appropriate.”