"When there is interference over the long run, it's going to mean higher inflation, it's going to mean worse growth and higher unemployment," Goolsbee said.

Chicago Federal Reserve President Austan Goolsbee said on Sunday that he hopes the United States is not moving to an environment where the ability of the central bank to set monetary policy independent of political pressure is questioned.

President Donald Trump has openly criticized Fed Chair Jerome Powell, sparking speculation about whether he could remove him from the job.