The Federal Reserve on Wednesday hiked rates for the first time in three years, an effort to tamp down inflation that drew a muted rebuke from President Trump as the midterms approach.
In a unanimous vote, the Fed raised rates by a quarter point to the 3.75% to 4% range – the first move in rates under Warsh, whom Trump hand-picked after lambasting predecessor Jerome Powell for years for not lowering interest rates fast enough.
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