Trump Calls Federal Reserve "Crazy" and "Out of Control," Escalating Attacks on Powell

On October 3, 2018, President Donald Trump told reporters that the Federal Reserve had "gone crazy" and was raising interest rates too fast, beginning a public pressure campaign that would eventually total 102 tweets criticizing Fed policy. Trump called the Fed his "greatest threat" and singled out Chair Jerome Powell — his own appointee — for raising rates to cool an overheating economy. Powell refused to alter course, raising rates four times in 2018 and delivering a December hike despite market turbulence and direct White House pressure.