Rate rises have become a divisive issue in the United States, with Donald Trump repeatedly criticising monetary policy decisions and labelling the Federal Reserve his "biggest threat".
Trump has been critical of Powell, who he appointed to replace former Chair Janet Yellen, saying in August he's "not thrilled" with his performance thus far. "I put him there and maybe it's right, maybe it's wrong but I put him there".
Last week, in a series of comments, Trump called the Fed "out of control", although he said in response to a question that he would not seek to oust Powell as chairman.
Those remarks came in a week when the stock market, which Trump has often cited as a barometer for his stewardship of the economy, was plunging.
Trump has repeatedly criticized the Fed for rate increases, ratcheting up his rhetoric in recent days.
So far this year, policymakers have already voted to hike short-term interest rates three times, and are poised to do so again in December, staying the course they laid out late last year. Furthermore, it also said it will maintain its policy of gradual rate hikes because it is the best policy to follow - one that helps slow inflation while allowing the economy to continue to grow.
The Dow Jones industrial average on Wednesday fell 91.74 points, to 25,706.68. Mnuchin said Trump's complaints simply reflected his preference for low interest rates.
Key U.S. economic data to watch today includes the Philadelphia Fed Manufacturing Index, the Conference Board's Leading Index and Weekly Unemployment Claims.
The central bank continues to have a bullish outlook on the USA economy, and praised "robust increases" in household income, the minutes show.
Powell and other Fed officials have said they're trying to balance the risks of causing the economy to overheat by moving too slowly, and smothering the second-longest economic expansion on record by hiking too quickly. But the courts ruled in a case decades ago involving the Federal Trade Commission that this language has to involve more than a policy disagreement between the president and the Fed.