Fed Chairman Jerome Powell is scheduled to speak at press conference at 2:30 p.m.
On the brighter side, Powell said he did not see any "troubling" vulnerabilities in financial markets, even with stocks near their historic highs in some cases. Mr Trump told CNBC in July he was "not happy about" the Fed raising borrowing costs.
"I am not happy about that", he said at a press conference in NY.
"I'd rather pay down debt or do other things, create more jobs". I'm anxious about the fact that they seem to like raising interest rates.
Powell may also be asked to respond to Trump's criticism of the Fed's rate hikes.
"Are they seeing more fiscal policy showing through to aggregate demand than they thought?" said William English, a professor at Yale and former director of the Fed's Division of Monetary Affairs.
United States tariffs and retaliatory levies by others could slow the global economic growth, but broad-based tariffs could also stoke inflation by raising the prices of imported goods.
Experts are divided on the prospects for the U.S. outlook, with some seeing low unemployment and improving GDP growth - resulting in continued Fed hikes to keep a rein on credit and ensure that the economy does not overheat.
"The Fed shows no signs of taking (a) breath in rate hikes", Robert Frick, corporate economist with Navy Federal Credit Union, wrote in a research note.
A statement announcing the increase was seen as marking the end of the era of low rates - dropping a reference to "accommodative" from its description of monetary policy.
With today's rate hike, the Federal Reserve has had incremental and modest rate hikes three times this year, and eight times since they ended their monetary policy of quantitative easing in 2015.
But analysts say the central bank is tangling with a complex set of near-term questions - a China trade battle affecting hundreds of billions of dollars in goods that is likely to be inflationary; tax cuts and fiscal stimulus late in the economic recovery; and dizzyingly high asset prices alongside more or less stagnant wage growth despite historically low unemployment.
While calling the economy strong and financial vulnerabilities moderate, he also said the central bank is hearing a "rising chorus" of concern about tariffs and the U.S.'s turn toward protectionist trade policies.
USA companies worry about "disruption of supply chains, materials, cost increases, and loss of markets and things like that". Business investment is up.
"We know that's a really bad situation".
The Fed would normally respond to weaker growth by cutting interest rates.
In their quarterly forecast, the central bankers did not signal that they would have to act more aggressively to constrain prices. "With the low odds of a spike in inflation, it makes sense that the Fed would pause after the March rate hike and allow the markets to adjust to its new policy", he said.
The 10-year US Treasuries yield fell to 3.043 per cent, from Tuesday's four-month high of 3.113 per cent as market participants braced for a more hawkish stance.