President Donald Trump looks to be lining up Federal Reserve Chairman Jerome Powell to be the fall guy if the president\u2019s trade and tax policies don\u2019t succeed. In a series of comments over the past two days that shook financial markets, Trump attacked the Fed for raising interest rates and for undercutting his efforts to slash the U.S. trade deficit. \u201cHe is just setting up someone else to blame if things don\u2019t go according to his plan,\u201d said Mark Spindel, founder and chief investment officer of Potomac River Capital LLC in Washington. The Fed has raised rates five times since Trump took office in January 2017 and has provisionally penciled in two more increases for this year. It\u2019s also scaling back the support it\u2019s providing the economy by gradually reducing its holdings of Treasury and mortgage-backed bonds. As authorities in Japan and Europe hold rates near zero, investors have pushed up the value of the dollar against the yen and euro. That\u2019s made American products less competitive. Trump indicated he thinks that\u2019s unfair. \u201cThe United States should not be penalized because we are doing so well,\u201d Trump tweeted on Friday. \u201cTightening now hurts all that we\u2019ve done.\u201d The president, who\u2019s launched tariff battles with most of America\u2019s major trading partners, also lashed out at China and Europe for keeping their currencies weak in order to gain an edge for their exporters. Much of Trump\u2019s ire with the Fed seems directed at the impact that the central bank\u2019s interest rate increases have had on the dollar. Despite swooning on Friday in response to Trump\u2019s currency comments, the greenback is about 5 percent higher than it was when Trump imposed tariffs on steel and aluminum imports on March 23. Trump\u2019s budget director Mick Mulvaney separately took the Fed to task for allegedly not recognizing that the president\u2019s policies can allow the economy grow faster without spurring inflation. \u201cEvery time things seem to start getting a lot better, the Fed pumps the brakes,\u201d he told Fox News on Friday. The president\u2019s comments shift attention during a week when he\u2019s facing growing pressure over his relationship with Russian President Vladimir Putin, after the two leaders met on Monday in Helsinki. Trump came under fire for his lukewarm support during a news conference with Putin for the finding by U.S. intelligence agencies that Russia meddled in the 2016 election. It\u2019s not that unusual for politicians to blame the Fed when things go wrong with the economy. Trump\u2019s outburst, though, comes at a time when the economy is \u201cin a really good place,\u201d according to Powell. The unemployment rate under Trump has fallen to 4 percent, from 4.8 percent the month he was sworn in, and some economists predict gross domestic product last quarter expanded by about 4 percent - double the pace in the first three months of the year. The Commerce Department\u2019s first estimate for second-quarter GDP is scheduled for release on Friday. Trump told CNBC in an interview broadcast on Thursday that he was \u201cnot thrilled\u201d with the Fed over rate hikes. \u201cI am not happy about it,\u201d the president said. \u201cBut at the same time I\u2019m letting them do what they feel is best.\u201d Trump also called Powell, who he appointed to succeed Janet Yellen, \u201ca very good man.\u201d Powell declined to comment when approached by a reporter in Buenos Aires, as he prepared for weekend meetings with finance ministers and central bankers from the Group of 20 economies. The president is limited in how much direct pressure he can put on the Fed chief. Nominated by Trump and confirmed by the Senate with broad bipartisan support, Powell has a four-year term as chairman that ends in 2022. According to the Federal Reserve Act, a Fed chairman, or any Fed governor, can only be removed from office before his or her term ends \u201cfor cause,\u201d which isn\u2019t defined. The president\u2019s attacks on the Fed\u2019s rate increases and the recent strengthening of the dollar highlight an inherent contradiction at the core of his economic policies. While he\u2019s trying to bring down the U.S. trade deficit by slapping tariffs on imports, his tax cuts are boosting the federal government\u2019s red ink, putting upward pressure on interest rates and the dollar. \u201cThis underscores the inconsistency in these policies,\u201d said Joachim Fels, global economic adviser at Pacific Investment Management Co. in Newport Beach, California. And it leaves Powell and the Fed vulnerable should they go awry.