But it amounts to good news for the long-term direction of the economy.
Markets have taken each hike in stride, including the most recent rate increase on September 26.
Last week's jump in yields followed strong United States data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programs. Rates on many types of loans, such as those for mortgages and cars, tend to be tied to the government bond.
But beyond those headline numbers, the details of how the prices of different types of securities have moved relative to one another tell a story that is decidedly optimistic.
"I'm paying interest at a high rate because of our Fed", he added, referring to the cost of servicing the USA deficit.
The Fed has said strong economic performance in the USA means that the ultra-low rates put in place to spur economic activity after the 2008 financial crisis are no longer necessary.
Nonetheless, some see growing risks for the central bank amid the Trump assault. "It's reflecting the possibility that this recovery has further legs". But it also notes that in a relative sense, it's a larger than usual increase in market interest rates. Again pointing to history, he also noted "higher wage growth need not be inflationary". The price of gold jumped 2.9 percent to $1,227.60 an ounce.
The president has been publicly criticizing the central bank - led by Chairman Jerome Powell, whom he appointed - since July for interest-rate increases and declared he was "not happy" in September after the third rate hike of the year.
Global stock markets fell again on Thursday as investors anxious about signs of slowing growth, rising trade tensions and higher interest rates.
In previous years, financial markets have been doubtful that the Fed would follow through with its forecasts for rate increases. The Fed, through something called the federal funds rate, controls short-term rates.
"I think a lot of presidents have been frustrated by the Fed, they just in recent years haven't said so in public", David Wessel of the Washington-based Brookings Institution told AFP.
Trump said Tuesday that the economy is enjoying "record-setting" numbers and "I don't want to slow it down even a little bit, especially when we don't have the problem of inflation".
Interest rates are rising.
But a fall would be a concern to the president, who frequently cites stock market performance as a sign of his administration's success. "The trend is clearly up, and the market is betting that will continue". A dip in equities may even take the edge off asset values some Fed officials worry have been "stretched" compared to historic levels.
Of course, there are downsides to the higher rates. And the time-honored tradition of hanging the stock market's performance over the neck of the president isn't likely to go away any time soon.
You would expect that damping down economic growth would draw a negative reaction from USA markets because it signals an impending economic contraction. It was the last meeting under Governor Karnit Flug whose five year term ends next month.
"He is an individual that really understands the plumbing of the USA and global financial systems and one example is the reforms that are going underway on Libor for which he is one of the main sponsors", said Carney.
In effect, higher mortgage rates could depress the rate of price appreciation of houses, as homebuyers cannot bid as aggressively for properties as they could when rates were lower.