Federal Reserve Chairman Kevin Warsh voted with a unanimous FOMC to raise interest rates by a quarter-point on Wednesday, defying repeated calls from President Donald Trump to cut or not hike rates. The Trump administration called the decision unfortunate and not backed by a compelling economic case. Warsh justified the hike citing inflation concerns remaining above the Fed’s 2% target, without addressing political pressure. The decision could give Trump pretext to remove other Fed officials, including Michael Barr, who was in charge of bank supervision when Silicon Valley Bank failed in 2023.
Source: Read the original article
