President Donald Trump’s on-again, off-again displeasure with the policy direction of the U.S. Federal Reserve, discord that tracks back to his first term in office, has been back on the hot burner in recent days as the president has issued demands for immediate action on interest rates and the ouster of Fed Chairman Jerome Powell.

U.S. Federal Reserve Chair Jerome Powell is an exemplary central banker, telling the unflattering truth about the U.S. economy and not bowing to political pressure, European Central Bank (ECB) policymaker Francois Villeroy de Galhau said on Friday.

The Federal Reserve is complicated and carries out numerous functions.