Fed officials discussed hiking rates to 'restrictive' level

Fed officials discussed hiking rates to 'restrictive' level

In Tuesday's interview, though, Trump said of his other nominees for 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".

Some members of the rate-setting panel - the Federal Open Market Committee - also indicated it might be necessary to raise rates more aggressively to keep the economy from overheating.

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.

As well as making life more hard for U.S. exporters, a stronger greenback also raises the borrowing costs of many heavily-indebted emerging market economies, such as those in Latin America which have high levels of dollar-denominated borrowing.

Trump told Reuters in August he was "not thrilled" with Fed Chair Jerome Powell for raising interest rates, and has since escalated his criticism, this week saying the central bank is his "biggest threat", and last week calling the Fed "crazy", "loco", "ridiculous", and "too cute".

Fed Chairman Jerome Powell has said the central bank will monitor interest rates to avoid raising them too quickly, which could hamper US growth.

Every policymaker backed the Fed's September rate increase, according to the minutes of the Sept. 25-26 meeting, published Wednesday.

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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.

Markets fear currency crises in Turkey and Argentina and other emerging market economies could spread beyond their borders - something that could be sparked as investors pull out to take advantage of higher rates in the United States.

"Incorporating these developments yields a modernized policy rule that suggests the current level of the policy rate is about right over the forecast horizon, " or the next several years, Bullard said Thursday in a speech in Memphis, Tennessee.

Stronger US currency makes American exports more costly to foreign buyers, possibly weighing on growth, and makes many debt payments more costly for foreign borrowers. "My biggest threat is the Fed", he said.

Interest rate increases ripple through the economy, making loans more expensive for businesses and consumers and thereby slowing investment and spending.

US stock prices recovered some earlier losses but were still down for the day following the minutes.

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