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The us president, Donald Trump has renewed on Tuesday its criticism vis-à-vis the monetary policy of the Fed and of the president of the central Bank, which he accuses of being "happy when he is pushing up interest rates". George HW Bush blamed his 1992 election defeat on then-Fed Chairman Alan Greenspan, and Lyndon B. Johnson clashed with Fed chief William McChesney Martin over raising rates in 1965.

The economy, he added, likely has room to grow. Trump blamed the nation's central bank for the latest market turmoil, saying the "Fed has gone insane".

"If strong growth and robust employment gains were to continue into 2019 and be accompanied by a material rise in actual and expected inflation", he said, "that circumstance would indicate to me that additional policy normalization might well be required beyond what I now expect".

However, Trump made clear that he wants Powell to understand he does not support the Federal Reserve, which is independent from government, and its push to raise interest rates. The Federal Reserve-the central bank of US-aims to set interest rates with fighting inflation and maximizing employment rate. "China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge", Trump tweets.

He described his push for growth as a competition with Obama's record, saying that increases under his Democratic predecessor were skewed because of low-interest rates. "Trend growth in the economy may well be faster and the structural rate of unemployment lower than I would have thought several years ago". The stock prices take a hit as well. The Dow Jones Industrial Average rose 400 points, or 1.6 percent, while the S&P 500 gained 1.9 percent, and the Nasdaq surged 3.0 percent. Many believe the Fed policy is based on outdated theories. The Fed has been slowly raising rates this year to protect against higher inflation or financial bubbles.

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In assessing current conditions, Clarida said growth broadly and with the job market in particular has surprised him.

The ongoing difficulty in filling open positions at all skill levels and in every region is delaying projects and pressuring firms to raise wages or benefits - or even employ robots to ramp up production - according to the Fed's latest "beige book" survey of the economy.

He warned, however, that monetary policy operates with a lag, and with inflation presently near the 2 percent goal, it would be important to monitor inflation projections closely, he said.

Powell was previously appointed to the Fed's Board of Governors by former President Barack Obama in December 2011.