By Alex Leary 

President Trump argued Monday on Twitter that it was "incredible" that Federal Reserve policy members were considering raising interest rates again, continuing his public campaign against tighter monetary policy.

The Fed will conclude its final policy meeting of the year Wednesday. Analysts widely expect the central bank to raise short-term interest rates, but the focus will be on the outlook for next year. Volatile markets and mixed inflation data have amplified investors' doubts about how many times the Fed can raise rates.

"It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike," Mr. Trump tweeted. "Take the Victory!"

Private economists surveyed by The Wall Street Journal have tempered their expectations for the path of interest rates next year, and many foresee the Federal Reserve cutting rates starting in 2020. Economist have pointed to the housing market, trade tensions with China and others, and lower inflation as possible reasons for the Fed to adopt a wait-and-see approach early next year.

A Fed spokeswoman declined to comment on Mr. Trump's statement Monday. The Fed has previously said its decisions are guided by economic analysis and that they won't be influenced by political pressure. The Fed says it is raising rates to return them to a more normal setting and avoid the type of boom-and-bust economy that ended in past recessions.

In a November speech, Fed Chairman Jerome Powell signaled fresh flexibility in how the Fed sets interest rates but didn't say policy makers' economic outlook had changed.

Mr. Trump has spent months criticizing the Fed. He blamed the Fed for October's stock-market selloff, calling the central bank "out of control, " and said that Mr. Powell seemed to enjoy raising rates. He later called the Fed "a much bigger problem than China," referring to the trade battle.

"Every time we do something great, he raises the interest rates," Mr. Trump said in an Oct. 23 Oval Office interview with The Wall Street Journal, adding that Mr. Powell "almost looks like he's happy raising interest rates."

Publicly, Mr. Powell has chosen not to respond to Mr. Trump's criticism and he has worked to build support among lawmakers on Capitol Hill and within the administration, meeting regularly with Treasury Secretary Steven Mnuchin and National Economic Council director Lawrence Kudlow.

Mr. Trump's Monday tweet was one of several on issues facing his administration. He called on Democrats to work on health care following a federal court decision on Friday striking down the Affordable Care Act. The law remains in effect for now, however. He also renewed pressure on Congress to fund his border wall.

Write to Alex Leary at alex.leary@wsj.com

(END) Dow Jones Newswires

December 17, 2018 10:11 ET (15:11 GMT)