Federal Reserve unanimously backed higher interest rates, despite Trump

Members of the Federal Open Market Committee, which determines the Fed's monetary policy, didn't bother to discuss comments made by Trump warning against further increases in the central bank's benchmark interest rate, according to minutes of the September 25-27 meeting released Wednesday. "I put him there and maybe it's right, maybe it's wrong but I put him there".

Every Fed policymaker backed the central bank's September decision to raise the target policy rate to between 2 percent and 2.25 percent, according to minutes of the Sept. 25-26 meeting, published Wednesday.

Trump made his comments in an interview with Fox Business Network's Trish Regan.

Trump has been critical of Powell, who he appointed to replace former Chair Janet Yellen, saying in August he's "not thrilled" with his performance thus far.

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 hikes since Trump was inaugurated.

Trump's criticism intensified after last week's big stock market tumble, which has been partially reversed this week.

Trump has repeatedly criticized the Fed for rate increases, ratcheting up his rhetoric in recent days.

The U.S. economy has been growing more quickly this year than many economists believe is possible without generating higher inflation, with the jobless rate at its lowest level in decades. The Dow Jones Industrial Average jumped 547 points.

President Donald Trump's unhappiness with the Federal Reserve for hiking interest rates seems to be having little sway with policymakers.

Though the minutes did not refer to any of Trump's criticism, its message of further rate increases suggests that policymakers are not fazed by it.

The central bank continues to have a bullish outlook on the USA economy, and praised "robust increases" in household income, the minutes show. "There's a couple of other people there that I'm not so happy with, too, but for the most part, I'm very happy with people".

Under the law that established the Fed, a president can remove a board member "for cause". "No one wants the president to opine on the Fed".