Andrew Harrer| Bloomberg | Getty Images
Trump has been complaining for months about Fed monetary policy, claiming rising interest rates are putting a brake on his economic plans. The President has also reportedly discussed firing Fed Chair Jerome Powell because of his frustration with stock market losses in recent months. Stocks have been in a downward spiral with both the Dow and S&P 500 down more than 12 percent this month -- on track for their worst December performances since the Great Depression in 1931.
The Fed on Dec. 19 raised its benchmark interest rate a quarter-point, the fourth increase this year and the ninth since it began normalizing rates in December 2015. It came despite Trump’s tweets urging against rate hikes. Two days earlier, he said “it is incredible” that “the Fed is even considering yet another interest rate hike.”
The stock market deepened its rout after Fed’s rate hike and its decision to let its massive balance sheet shrink at the current pace. Market participants had hoped the central bank would slow its pace of rate hikes more quickly, and they worry the rate cuts are slowing the economy too fast.