The coordination of monetary and fiscal policies has not been much of an issue since at least the early 1980s. At that time, fiscal policy shifted focus to longer-run issues – such as balancing the budget, or setting a tax policy that supports economic efficiency and long-term growth. This left stabilization policy virtually exclusively to the Federal Reserve.
History reveals that this division of labor did not eliminate tensions over monetary policy decisions. On many occasions, an Administration voiced its displeasure – publicly or privately – with monetary policy actions. These communications were, as you would expect, biased – they were all in response to decisions to raise interest rates and most often occurred when those increases came shortly before an election.