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In an interview earlier this week with The Wall Street Journal, Trump criticized Fed Chairman Jerome Powell, saying that he threatened economic growth and seemed to enjoy hiking rates.

Richard Clarida, the U.S. Federal Reserve's new Vice Chair, on Thursday backed the central bank's plan to raise interest rates further as the risks that monetary policy must balance are "less skewed to the downside".

But the president has lately expressed frustration with the Fed's gradual interest rate increases, created to slow down the economy and prevent inflation from taking off - standard macroeconomic steps that Trump insists are undercutting his expansionary fiscal moves.

Asked if he regrets nominating Powell to his Fed chairmanship, Trump told the WSJ: "Too early to tell, but maybe".

The Fed has raised its benchmark policy rate three times this year, by a quarter-percentage point on each occasion, bringing to six the number of increases since Trump was inaugurated.

While the reports from the Fed's regional banks reflected a healthy U.S. economy, with "modest to moderate growth", President Donald Trump's aggressive tariff strategy, which has drawn retaliation from trading partners, is potentially adding fuel to inflation. Mr Trump has previously called Fed policies "crazy". The minutes of that meeting, released last week, showed that every policymaker favored raising rates.

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New Federal Reserve vice chair Richard Clarida on Thursday said he'd support "some further" increase in interest rates as the best way to nurse the current USA recovery along while guarding against any jump in inflation. The president declined to elaborate, and a spokeswoman for the Fed declined to comment. He feels there is insufficient evidence that inflation will return, and rate hikes are unnecessary at this stage.

Yellen defended his performance in remarks last week at a mortgage bankers conference in Washington and suggested Trump should back off.

"I believe some further gradual adjustment in the policy rate range will likely be appropriate", he said.

"It's a Fed inversion", said Ian Lyngen, head of US rate strategy at BMO. "I don't know. I'm just saying that I'm not happy with the Fed because Obama has had zero rates", replied Mr. Trump that since July lectured vociferously the central bank, breaking with the tradition of respecting the independence of the monetary institution.

"Manufacturers reported raising prices of finished goods out of necessity as costs of raw materials such as metals rose, which they attributed to tariffs", the Fed report said. The Pound-to-Dollar rate was 0.36% lower at 1.2931 and the Euro-to-Dollar rate was 0.49% lower at 1.1414. And inflation, to Trump's mind, is not a risk of getting out of control.