"The investigation put federal officials on notice that this administration is willing to use criminal investigations as a way of furthering the president's policy aims."

Some officials worry that the war could hurt the labor market and warrant lower interest rates; others see a risk to inflation that might warrant rate increases.

Last month, the CBO predicted that total debt held by the public would reach $32 trillion this year, up from roughly $29 trillion at the start of the Trump administration.

He plans to stay at the central bank after his term as chair expires in May, at least until the Justice Department investigation into Fed renovations is complete.

"The January payrolls report lessens the urgency for the Fed to cut rates, but as we expect inflation to ease in coming months, we think policymakers have room to cut rates to support the labor market recovery."

"The window for a cut under a Powell-led Fed is essentially closed. He is more optimistic about the labor market and economy overall than he was."

FOMC officials on both ends of the spectrum voted against the move, as both inflation and unemployment are higher than the Fed wants them to be.

“There’s a deep tension in President Trump’s message that the economy is booming, but that we simultaneously need multiple points of rate cuts.”