Quarles walked a middle line between his colleagues and Trump, laying out a case for why the Fed could move more slowly, suggesting that he's optimistic the administration's policy could boost growth, and defending Fed independence - but also noting that it's not a historical anomaly for presidents to criticize the central bank.
During the meeting, which was held on September 25-26 policymakers said they believed further rates rises were required to stop inflation from shooting the 2pc inflation target and to reduce the risk "posed by significant financial imbalances".
United States central bankers see no reason to pause the current course of gradual rate hikes that have infuriated President Donald Trump and some even say the Federal Reserve may soon need to slow the economy, according to meeting minutes.
Unusually for a US president, Mr. Trump himself has increased criticism of the Fed's rate increases, calling them "crazy" and warning they would hurt the economy.
Sealed Air Corp shares tumbled 8.1 percent after the packaging company lowered its full-year profit outlook due to higher-than-expected raw material and freight costs.
Fed officials also noted that US trade policies remained a "source of uncertainty" for the outlook for USA growth and inflation, citing USA tariffs on aluminum and steel as reducing new investment in the energy sector.
Yellen also weighed in on the current outlook, saying that 3 percent USA economic growth is "terrific", but will be hard to sustain without measures that lift the country's long-term potential growth.
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The "president has gone postal, escalating US-China tensions and a stronger dollar will pose considerable headwinds to local equity markets", warned Stephen Innes, head of Asia-Pacific trading at OANDA.
NO: The unemployment rate is the lowest it's been in 50 years.
Further rate increases "would be taking somewhat more recession risk than otherwise" unless the economy continues to outperform, he said.
Still, he added, "I also think that we should pay attention to other indicators of tightness and overheating in addition to inflation". As the Fed increases rates they will see how the market reacts for both the short and long term. "With interest rates higher there's a lot less cushion to smooth away those uncertainties".
Mike Loewengart, vice president of investment strategy at E*Trade, said: "For now, the Fed has made it clear that they are focused on their agenda despite rising presidential pressure on their rate decisions". Quarles, speaking at a moderated Economic Club of NY event, said his preferred path of rate hikes is "more gradual" than other Fed policymakers.
The minutes showed that officials were generally pleased, though, with how the economy is unfolding this year, with strong job growth and inflation hovering near the Fed's 2 percent goal.
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