Trump’s Feud With the Fed Is Rooted in Presidential History

President Trump has made heckling the Federal Reserve, and its chair, Jerome H. Powell, something of a sport. He has berated Mr. Powell for raising interest rates and taking steps to end a crisis-era stimulus program, likening the Fed to a powerful golfer who has “no touch” and cannot win.

The past provides some precedent for that frayed relationship.

The executive branch had avoided complaining about the Fed or interest rate policy since the Clinton administration, after officials determined that criticizing the independent central bank was a bad approach and leaving it alone would lead to better economic outcomes.