Fed raises rates 25bp to 3.75%-4.00%, first hike since 2023, defying Trump; White House criticises decision

The Fed raised rates 25bp to 3.75%-4.00%, its first tightening since 2023, despite Trump's calls for cuts. Chairman Kevin Warsh, asked whether the hike was a test of the central bank's independence, drew a clear line between the Fed and the White House without disclosing his talks with Trump. The White House sharply criticised the decision; Trump said the Fed is making a mistake and demanded drastic cuts.

Detected & updated continuously · Source: Nebula