A modest knee-jerk reaction aside, investors appear confident President Donald Trump’s criticism of Federal Reserve rate increases won’t alter the central bank’s policy path. But it is possible that Fed Chairman Jerome Powell’s job just got a lot harder.

“It’s not that I don’t take it seriously, but I think there may be more bluster than an actual intention to more meaningfully change policy,” said Lara Rhame, chief U.S. economist at FS Investments, in an interview.