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The Federal Reserve rose interest rates for the first time in six years, citing concerns over the inflation rate continuing to exceed 2%. The board voted unanimously to raise rates and signaled more rate increases were coming. President Trump pushed back against the decision, but stopped short of criticizing the Federal Reserve Chair, Kevin Warsh. President Trump nominated Warsh for the position he now holds.
‘Stay in our lane’: Warsh vows Fed independence after hiking rates– www.washingtonexaminer.com
News Source
EXCERPT:
Chairman Kevin Warsh drew a bright line between the Federal Reserve and the White House after the central bank raised interest rates in defiance of President Donald Trump.
Warsh, speaking at a press conference in Washington on Wednesday after the rate decision, was asked by the Washington Examiner about whether the decision to proceed with raising rates despite Trump’s lobbying for a rate cut could be seen as a test of the Fed’s independence. Warsh didn’t provide any details about conversations he had with the president.