Fed raises interest rates, despite pressure from Trump to lower them

The Federal Reserve on Wednesday raised interest rates by 0.25%, marking the first hike of Chairman Kevin Warsh’s tenure.The move brought rates from 3.75% to 4.00%, The Hill reported. 
The Fed had held rates steady in the first few meetings with Warsh as chair, despite President Donald Trump repeatedly urging the Board of Governors to lower them.
Prior to Warsh’s confirmation, Jerome Powell served as Fed chairman and earned the nickname of “too late” Powell from Trump, due to his hesitance to lower rates.
The regulator maintains a target inflation rate of 2.00%, though inflation has not fallen to that figure in years.
Ben Whedon is the Chief Political Correspondent for Just the News. Follow him on X.

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