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Trump has repeatedly broken with the norm respected by U.S. presidents in recent decades to refrain from criticizing the Fed, hammering the central bank this year over its move away from the zero interest rate policy implemented during the global financial crisis.

President Donald Trump on December 18 urged the Federal Reserve, the USA central bank, to not make "another mistake" by raising interest rates.

It should be noted that interest rate hikes are favored by many of Trump's own Republican party members as U.S employment remains historically low and the US dollar has increased in value, making it more expensive for our foreign trade partners to purchase USA goods and services. "If we take these one by one, the list is either null and void or not compelling enough on its own to warrant further sustained tightening by the Fed, in our view", he writes. In total, in 2018 the rate has risen from the 1.25 to 1.50 percent range to its current level of 2.00 to 2.25 percent.

Although still low by historical standards, another hike would put interest rates at the highest level in almost a decade.

Trump's tweets about monetary policy have intensified as USA stocks tumble amid signs the world's largest economy may be moderating.

Interest rate increases are meant to check inflation, but they can also slow the economy, adding another challenge to Trump's efforts to deliver on his promises of booming growth. But they can also slow the economy.

Since then, though, a weakening in global growth has become more pronounced, posing a risk to the US economy. The S&P 500 has plunged nearly 10 percent since the Fed's last meeting and closed Monday at the lowest level of the year - a bout of weakness rarely seen ahead of interest-rate hike.

The U.S. stock market's 2018 gains have been erased, with the Dow dropping more than 550 points on Monday. Neither, most likely, is the Fed itself.

What analysts do expect from the Fed is the message that it plans to become more flexible in its rate decisions starting next year.

"Our gradual pace of raising interest rates has been an exercise in balancing risks". In a highly unusual move for a president, Trump has publicly called the Fed and its string of rate hikes this year "my biggest threat".

"Don't just go by meaningless numbers", he said. The economy ended up with both higher inflation and higher interest rates, and the Fed made a commitment to be politically independent. He blamed the Fed for October's stock-market selloff, calling the central bank "out of control, " and said that Mr. Powell seemed to enjoy raising rates.

"The criticism by the administration of the Fed is not going to stop, and it's likely to intensify", said Joshua Feinman, global chief economist at DWS in NY and a former Fed staff economist.

Trump's Monday tweet was the result of Fed officials holding a two-day meeting that will conclude on Wednesday.

"I just don't think of it", said Mary Daly, president of the San Francisco Fed, in an appearance last week on PBS NewsHour.

But it does place an even greater importance on the Fed's dots this time around.