The U.S. Federal Reserve raised interest rates by 25 basis points to a range of 3.75% to 4% to combat inflation that has exceeded the 2% target for more than five years. President Trump immediately called the decision political and an attack against him, criticizing members of the monetary policy committee. The American economy nonetheless created 162,000 jobs in August with unemployment steady at 4.1%, while inflation reached 3.4%, a level that remains the top priority for American voters ahead of midterm elections. Fed Chairman Kevin Warsh defended the institution’s independence by stating that inflation remains too high for too long.
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