Others said that, to avoid creating asset bubbles or having inflation run above the Fed's two-percent target for too long, the central bank would have to raise rates 'above their assessments of its longer-run level'.
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. Trump says he knows the Fed is independent, but he thinks interest rates are rising too quickly.
Trump appointed Powell but told Fox, "maybe it's right, maybe it's wrong".
Those remarks came in a week when the stock market, which Trump has often cited as a barometer for his stewardship of the economy, was plunging.More news: No Big Winner: Powerball Jackpot Climbs To $430 Million
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.
The Fed independently makes policy decisions but regularly reports to Congress. Data since the Fed's last meeting in September has been in line with its portrait of a strong economy, and policymakers have said they expect to continue a rate-hike cycle that began in late 2015.
Under Powell, the Fed has been gradually raising rates as the economy has strengthened as a way to prevent a run-up in inflation. Last week he slammed the central bank as "out of control" and said it was "going loco", blaming its monetary policy for a sell-off in the stock market.
The Dow Jones industrial average on Wednesday fell 91.74 points, to 25,706.68.More news: Kandahar governor, police chief killed in insider attack
In February, Trump tapped Powell, then a member of the Fed's board, to become chairman after he had decided not to offer Yellen a second four-year term.
U.S. stock markets, which had largely expected a "steady as you go" statement, moved slightly higher but remained loss-making after the update, which stressed a continuation of the Fed's "gradual" approach to rate rise policy.
The central bank hiked short-term rates during the meeting, the third increase of 2018. "No one wants the president to opine on the Fed". "I put a couple of other people there I'm not so happy with too but for the most part I'm very happy with people".More news: China not manipulating currency but lacks transparency, U.S. says