Trump, in an interview with CNBC, said he does not approve, even though he said he "put a very good man in" at the Fed in Powell.
But Trump - in a tit-for-tat tariff war with the EU, China, Mexico and Canada - said he was anxious that the timing put the USA at a "disadvantage" while the European Central Bank and the Bank of Japan maintain loose monetary policy, the network reported. On Thursday, Trump said he is "not thrilled" about Fed interest rate hikes.
"Every time you go up they want to raise rates again", Trump complained.
The Fed is now chaired by Trump appointee Jerome Powell, whom Trump described as "a very good man".
Federal Reserve Chairman Jerome Powell has raised rates twice this year, with two more increases projected to come, saying he believes the economy is strong enough for the Fed to continue on its recent path.
The Fed has raised rates two times this year, and policy makers expect two more rate hikes before the end of 2018. Subtracting inflation, the rate is slightly negative in real terms and still "accommodative" for growth and borrowing, as the Fed said in its June statement. "I don't necessarily agree with it because he's raising interest rates".
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His remarks to CNBC weren't the first time that Trump has departed from a long-standing practice of USA presidents steering clear of commenting on Fed policy and the value of the dollar.
"They're not doing what we're doing", Trump remarked, "and we already have somewhat of a disadvantage, although I'm turning that into an advantage".
Mr Trump said he was unconcerned that his remarks might spark criticism as he was merely stating long-held personal views.
For years presidents have avoided commenting on the Fed, which markets broadly trust to act in service of its dual objective - maintaining maximum inflation and stable prices - rather than a political aim.
"Of course the President respects the independence of the Fed", White House spokesperson Lindsay Walters told Business Insider.
During the 2016 presidential campaign, Trump was highly critical of the Fed and accused its policymakers of keeping rates at ultra-low levels to favor Democrats.