In his first public appearance since taking the post, Clarida said that even after three rate hikes this year, the Fed's benchmark lending rate continues to provide stimulus to the economy that will need to be scaled back.
While acknowledging that the Fed is traditionally independent of political influence, he wants to send Powell a direct message that he wants a lower interest rate, according to the report. Powell, he added, "almost looks like he's happy raising interest rates". "I'm very unhappy with the Fed because Obama had zero interest rates".
President Trump told the Wall Street Journal it is too early to tell whether he made a mistake in appointing Jerome Powell, a lawyer by trade and former Federal Open Market Committee (FOMC) voting member, as chair of the FOMC and Federal Reserve at the beginning of 2018.
"With the economy now operating at or close to mandate-consistent levels for inflation and unemployment, the risks that monetary policy must balance are now more symmetric and less skewed to the downside".
The president has made no secret of his objection to the Fed's tight policy stance but has grown increasingly outspoken as U.S. stock markets have fallen and midterm elections near. Volcker famously saved the USA economy from double-digit inflation in the 1980s by jacking up rates, despite massive criticism.
The criticism comes after Mr Trump last week called the Federal Reserve his "biggest threat" and said Powell was moving "too fast" in hiking rates.
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"Every time we do something great, he raises the interest rates", he said.
The president may be trying to cast the Fed as a scapegoat with just two weeks to go before elections that will determine whether Republicans maintain control of Congress.
Snow covered grounds of the US Federal Reserve in Washington January 26, 2016.
Many experts believe this is being done to curb the possibility of unsustainable economic growth, which could manifest as inflation or grow into a financial bubble. With regard to unemployment, the Fed expects next year to see it at 3.5-percent, the lowest it's been at any point since 1969.
In his remarks, Clarida said sustained stock-market turmoil would need to be part of the Fed's policy decision.
"Both markets and the consensus are still underestimating just how quickly the economy is likely to lose momentum next year, as the fiscal boost fades and monetary tightening bites". Hence, higher rates mean higher cost of borrowing for consumers and corporations, which, in turn, lead to lower profits and a weaker economy. He can't remove Fed governors, including Powell, except for ill-defined "cause", and the Senate must confirm replacements.