Yellen on Trump: 'We do not discuss politics at our meetings'

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Federal Reserve Chair Janet Yellen thinks Donald Trump has the Fed wrong.

Yellen was asked Wednesday by The Wall Street Journal's Jon Hilsenrath whether the Fed was keeping interest rates low in order to protect the Obama administration and, by extension, help Democratic presidential candidate Hillary Clinton win November's election.

"We do not discuss politics at our meetings and we do not take politics into account in our decisions," Yellen said during a press conference Wednesday.

In an interview on CNBC earlier this month, Trump, the Republican nominee for president, said Yellen should be "ashamed" of keeping interest rates low for so long.

"She's obviously political and doing what Obama wants her to do, and I know that's not supposed to be the way it is, Trump said.

See photos of Yellen:

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Federal Reserve Chair Janet Yellen
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Federal Reserve Chair Janet Yellen
Federal Reserve Chair Janet Yellen coughs and takes a long pause during a speech at the University of Massachusetts, Thursday, Sept. 24, 2015, in Amherst, Mass. The Federal Reserve says Yellen felt dehydrated at the end of the speech and was seen by medical personnel as a precaution. Yellen was delivering a 23-page speech on inflation when toward the end of the speech, she paused for a period of time, giving the appearance of losing her place in the text. She then resumed speaking, saying she wanted to wrap up. She was helped from the stage. (AP Photo/Jessica Hill)
Janet Yellen, chair of the U.S. Federal Reserve, pauses while speaking during the annual Philip Gamble Memorial Lecture at the University of Massachusetts Amherst in Amherst, Massachusetts, U.S., on Thursday, Sept. 24, 2015. Yellen said the U.S. central bank is on track to raise interest rates this year, even as she acknowledged that economic 'surprises' could lead them to change that plan. Photographer: Scott Eisen/Bloomberg via Getty Images
Janet Yellen, chair of the U.S. Federal Reserve, speaks during the annual Philip Gamble Memorial Lecture at the University of Massachusetts Amherst in Amherst, Massachusetts, U.S., on Thursday, Sept. 24, 2015. Yellen said the U.S. central bank is on track to raise interest rates this year, even as she acknowledged that economic 'surprises' could lead them to change that plan. Photographer: Scott Eisen/Bloomberg via Getty Images
Federal Reserve Chair Janet Yellen speaks on inflation dynamics and monetary policy at the University of Massachusetts, Thursday, Sept. 24, 2015, in Amherst, Mass. The talk comes one week after the central bank decided to keep interest rates at record low, in part because of persistently low inflation. (AP Photo/Jessica Hill)
Attendees applaud as Janet Yellen, chair of the U.S. Federal Reserve, not pictured, concludes her speech during the annual Philip Gamble Memorial Lecture at the University of Massachusetts Amherst in Amherst, Massachusetts, U.S., on Thursday, Sept. 24, 2015. Yellen said the U.S. central bank is on track to raise interest rates this year, even as she acknowledged that economic 'surprises' could lead them to change that plan. Photographer: Scott Eisen/Bloomberg via Getty Images
Federal Reserve Chair Janet Yellen is assisted down from the podium by University of Massachusetts economics professor Michael Ash after a speech at the University of Massachusetts, Thursday, Sept. 24, 2015, in Amherst, Mass. The Federal Reserve says Yellen felt dehydrated at the end of the speech and was seen by medical personnel as a precaution. Yellen was delivering a 23-page speech on inflation when toward the end of the speech, she paused for a period of time, giving the appearance of losing her place in the text. She then resumed speaking, saying she wanted to wrap up. She was helped from the stage. (AP Photo/Jessica Hill)
Federal Reserve Chair Janet Yellen, left, pauses as University of Massachusetts economics professor Michael Ash, right, watches after her speech, Thursday, Sept. 24, 2015, in Amherst, Mass. The Federal Reserve says Yellen felt dehydrated at the end of the speech and was seen by medical personnel as a precaution. Yellen was delivering a 23-page speech on inflation when toward the end of the speech, she paused for a period of time, giving the appearance of losing her place in the text. She then resumed speaking, saying she wanted to wrap up. She was helped from the stage. (AP Photo/Jessica Hill)
Federal Reserve Chair Janet Yellen speaks on inflation dynamics and monetary policy at the University of Massachusetts, Thursday, Sept. 24, 2015, in Amherst, Mass. The talk comes one week after the central bank decided to keep interest rates at record low, in part because of persistently low inflation. (AP Photo/Jessica Hill)
Federal Reserve Chair Janet Yellen speaks on inflation dynamics and monetary policy at the University of Massachusetts, Thursday, Sept. 24, 2015, in Amherst, Mass. The talk comes one week after the central bank decided to keep interest rates at record low, in part because of persistently low inflation. (AP Photo/Jessica Hill)
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Trump added that the Fed has created a "false stock market" due to its low interest rate policy.

In response to Hilsenrath's question on Wednesday, Yellen emphasized that the Fed is a politically independent entity, saying, "I think Congress very wisely established the Fed as an independent agency in order to insulate monetary policy from short-term political pressures."

"I can say emphatically that partisan politics play no role in our position about the appropriate stance of monetary policy," Yellen said.

In a follow-up, Binyamin Appelbaum of The New York Times asked why the Fed did not mention the presidential election as a risk to the economy, given that the Fed had referenced the UK's "Brexit" vote in statements earlier this year.

"We are very focused on evaluating the way the economy is operating and what is the right policy to foster our goals," Yellen said. "I am not going to get into politics. Those are factors we don't consider and I'm not going to get involved in commenting on the election."

The Fed maintained its interest rate policy of targeting a Fed Funds rate inside a corridor of 0.25%-0.50%.

The Fed last raised interest rates in December.

RELATED: Notable people who have spoken out about Trump

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Notable people who have spoken out against Donald Trump
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Notable people who have spoken out against Donald Trump

New York City Mayor Bill de Blasio

The Mayor did not hold back in this tweet:

"I didn’t realize this was in question. Behaves like a racist, speaks like a racist…of course @RealDonaldTrump is a racist."

 REUTERS/Brendan McDermid

Martha Stewart

In an interview win CNNMoney Stewart said "There is so much to know and so much to learn and so much diplomacy and kindness and introspection that goes with that kind of job, and it does not exist in the world of Donald Trump."

REUTERS/Kevork Djansezian 

Stephen Hawking 

British physicist, Professor Stephen Hawking speaks during the Opening Ceremony for the 2012 Paralympics in London, Wednesday Aug. 29, 2012. Hawking was interviewed on British TV Monday May 30, 2016, saying UK should stay inside the European Union because of its support for research, and he cannot fathom the popularity of presumptive candidate for U.S. president Donald Trump, saying he "seems to appeal to the lowest common denominator.”

(AP Photo/Matt Dunham, FILE)

George Clooney

In an interview with the Guardian the actor said this

"He's just an opportunist. Now he's a fascist; a xenophobic fascist."

(AP Photo/Thibault Camus)

John Oliver

The host of the Last week Tonight dedicated 20 minutes of his show to completely annihilate everything Trump stands for.

Click here to watch the Segment.

REUTERS/Lucy Nicholson

J.K. Rowling

The beloved author took to twitter and compared him to the worst of the worst, "How horrible. Voldemort was nowhere near as bad."

(Photo by Rob Stothard/Getty Images)

Robert De Niro

At the  22nd Sarajevo Film Festival Robert De Niro made his opinion very clear on what he thinks of Trump. "It's crazy that people like Donald Trump . . . he shouldn't even be where he is, so God help us"

REUTERS/Dado Ruvic

Lena Dunham

Lena Dunham spoke at the Democratic National Convention and had this to say about Trump. ""Donald and his party think I should be punished for exercising my constitutional rights, and his rhetoric about women takes us back to a time when we were meant to be beautiful and silent."

Dennis Van Tine/STAR MAX/IPx 

Mark Ruffalo

 Ruffalo and many more stars have signed a petition entitled #UnitedagainstHate to stand against Donald Trump

REUTERS/Benoit Tessier 

America Ferrera

America Ferrera wrote an open letter on the HuffingtonPost to Donald Trump thanking him for his portrayal of Latin immigrants. In her letter she states "You, Mr. Trump, are living in an outdated fantasy of a bigoted America. Last week, America celebrated some amazing milestones — marriage equality, universal healthcare, removing of the confederate flag — making it clear in which direction the country is moving. That is why racist remarks that play to extremists won’t change the tide, no matter how hard you try. They will only serve to rally more Latino voters to the polls. Your negativity and your poorly thought out speech ignited a fire in our community. Thank you, Mr. Trump!"

REUTERS/Lucy Nicholson

Sarah Silverman

In March 2016 Silverman tweeted this : 

"DRUMPF is NEGGING us and we've fallen for it - we're obsessed w this candidate we had no intention of ever acknowledging #TheGame'

(Photo by Jordan Strauss/Invision/AP)

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SEE ALSO: DISAGREEMENT AT THE FED


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