Fed Hikes Interest Rates for First Time in Three Years in Bid to Tamp Down Inflation

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.

“The plain fact is that inflation is too high and has been for too long,” Warsh said at a press conference following the vote.

“Today’s action starts to show that we’re serious about this”

Hours after the vote, Trump called for rates to be lowered, though he stopped short of attacking Warsh personally.

“Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World — BY FAR,” the president wrote on Truth Social. (Read more from “Fed Hikes Interest Rates for First Time in Three Years in Bid to Tamp Down Inflation” HERE)