Bulgaria News
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The Federal Reserve board voted Wednesday unanimously to raise interest rates, directly defying President Donald Trump’s calls to lower them. The Fed’s decision marks the first time in three years interest rates will increase, amid rising inflation in the country linked to the war in Iran.
The Fed voted to raise rates by 0.25%. According to a report from The Wall Street Journal, officials expect at least one more increase before the end of the year. The report added:
Chairman Kevin Warsh vowed shortly after taking office in May to end an overshoot of the Fed’s 2% target now in its sixth year and followed through with an increase that had been widely anticipated in recent days.
The rate hike scrambled an account the White House had offered of the man tapped by President Trump for the job in January. Trump and his allies had cast pressure to raise rates as coming from a committee hostile to Warsh, who last year said he would have cut rates sooner than the Fed ultimately did.
Throughout much of Trump’s second term, he has repeatedly called for the Federal Reserve to lower interest rates. Former Fed Chair Jerome Powell resisted that pressure from the president, sparking a lengthy feud between the two. In January, Trump announced Kevin Warsh as Powell’s successor.
Although Trump insisted that he wanted the new head of the Federal Reserve to be independent, that hasn’t stopped him from urging Warsh to lower rates as he did with Powell. Earlier this month, Trump even took things a step further when he threatened to stop trading with certain countries if the Fed did not vote to lower rates.
The post JUST IN: Trump’s Handpicked Fed Chair Defies Him By Hiking Rates to Fight Inflation first appeared on Mediaite.
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