“We expect the Fed to be data driven,” said Amato. “So to slow down, if appropriate, if economic indications are such, but one of the things we’re all wrestling with is the amount of liquidity that’s been pumped into the system over the last number of years. If you see what the Fed and central bank balance sheets have done–gone from $4 or $5 trillion to $15 trillion–that process is slowly reversing and I think it’s something we haven’t seen before.”

The announcement will most likely catch the ire of U.S. President Donald Trump who once again took jabs at Federal Reserve Chairman Jerome Powell for raising interest rates, telling political donors at a fundraiser in the Hamptons that he hopes the Fed Chair eases up on monetary policy.

So far during President Trump’s tenure, the Fed has hiked interest rates fives times versus just once during former president Barack Obama’s tenure. With major stock market indexes closing in on record highs, the prevailing sentiment is that two more interest rate hikes will occur prior to the end of 2018.

Related: Richmond Fed President Says Rates Must Keep Rising

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