Donald Trump wants fewer and later. Jay Powell, chairman of the Fed, more and sooner. He is confident that his plan is what the booming economy needs: raise the Fed’s benchmark interest rate from its current range of 2 percent to 2.25 percent by a quarter of a point in December, and by similar amounts three times during 2019. Those increases would bring the Fed Funds rate to about 3.00 percent, which the Fed considers the neutral rate that would keep the economy growing at a non-inflationary rate.

Trump, whose idea of not interfering with the Fed’s decision consists of not calling Powell directly, told the press, “The Fed is doing what they think is necessary but I don’t like what they are doing because we have inflation really in check.” When share prices tanked, he added, “The Fed has gone crazy. . . . Loco.”