The Fed has raised interest rates seven times since 2015 after slashing them during the 2008 recession as the USA experiences record low unemployment and stable inflation.
In developed economies, central banks are independent of political control.
The US Dollar has weakened only modestly Wednesday despite news that two of US President Donald Trump's former advisers are facing lengthy prison sentences but its losses could well accelerate despite the currency's status as a safe haven at times of risk aversion.
The Federal Reserve operates independently of the government, as it is sometimes compelled to make interest-rate decisions that are meant to be good for the economy in the long run but that may be politically unpopular. The Fed has raised interest rates five times since Trump took office in January 2017, with two of those coming this year under Powell.
The Federal Reserve building is pictured in Washington, DC, U.S., August 22, 2018. Traders still expect, as they did before Trump's comments, that the Fed will lift rates in September and again in December, at which point short-term term borrowing costs should be somewhere between 2.0 percent and 2.25 percent.
But managing such trade-offs is well in the future and so far trade policy tensions have hardly made a dent in the economic outlook.
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Powell took over as Fed chief earlier this year. None appears to be particularly eager to loosen monetary policy. "The other countries are accommodated".
"He's done this before. he's a bit of a critic of the tightening of interest rates".
"I'm very concerned, especially given this very divisive and highly politicised environment, that bringing the Fed into that environment could complicate the Fed's communications [to the public], its support in the Congress and among the American people", said Donald L Kohn, who spent 40 years at the Fed and retired as its vice chairman in 2010. For example, the current Federal Reserve policy is calling for relatively small increases in rates that have been spaced out over what is now almost a three-year period and these increases have been so modest that it can't really be said that they've had a major negative impact on economic growth.
The minutes also gave an indication the Fed was preparing to debate once again how best to implement its monetary policy, including what to do with its swollen balance sheet.
"While raising interest rates may limit capital outflows and defend the rand, it could end up negatively impacting economic growth". "One might be tempted to think that all the President is doing is positioning himself for taking credit for the eventual inevitable pause".