The trigger was a speech by Federal Reserve chairman Jerome Powell, who said the United States' benchmark interest rate is now "just below" neutral. He subsequently put pressure on Burns to keep interest rates down in the hope that unemployment would remain low in the run-up to the 1972 presidential election.
But Powell also noted a number of looming risks, including the slowdown in global growth and the fading economic benefits of the tax cuts and government spending boost that took effect this year as well as the cumulative effect of the Fed's own rate hikes. On Tuesday, Mr Trump stepped up his criticism, saying that he was "not at all happy"...
Feldstein, an Economic Club of NY member and one of only two people who questioned Powell Wednesday, said Powell's speech struck a good balance for investors.
While numerous Fed watchers saw the remarks as nothing new, many investors heard it as a signal that the central bank was far from finished raising interest rates.
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"My own assessment is that, while risks are above normal in some areas and below normal in others, overall financial stability vulnerabilities are at a moderate level", he said at an Economic Club of NY lunch.
Mr Trump added: "I'm not happy with what he [Mr Powell] is doing at all.it nearly looks like he's happy raising interest rates".
The chairman also suggested that interest rates appear to be just below the level the Fed calls "neutral", where they are thought to neither stimulate growth nor impede it. On Wednesday he referenced a range, and in October he likely referenced a median.
"Recent public comments suggest Fed officials are amenable to parking the fed funds rate near neutral, which most FOMC participants estimate near 2.9 percent to 3 percent, and then pausing to assess the health of the economy as it adapts to less accommodative policy".
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It was a significant change in language compared to Mr Powell's previous comments, nearly two months ago, that USA rates are a "long way" from neutral.
The president a year ago selected Powell, at the time a Fed board member, to lead the central bank after a highly public selection process in which he chose not to offer a second term to Chair Janet Yellen. "This was again on display today", RBC Capital Markets chief USA economist Tom Porcelli wrote in a note.
Fed-funds futures similarly are now pricing in only two more quarter-point rate hikes, including December's, with any certainty.
Those trends, he said, were coinciding with inflation remaining "right on target" at the Fed's goal of 2 percent annual price increases.
In prepared remarks at the Economic Club of New York, Powell said, the central bank's benchmark interest rate is "just below" neutral.
Neither Clarida nor Powell said definitively whether rate hikes should stop at neutral, and each stressed that level was very hard to estimate.
He offered nothing to dispel market expectations of another rate increase at the Fed's policy meeting on December 18-19.
"I am pleased to say", Powell said Wednesday, "that our economy is now close to both of those objectives".
In recent weeks, President Donald Trump has repeatedly attacked the Fed - and Powell personally - for their rate increases, which the president has blamed for any economic weaknesses or stock market turmoil.