Fed raises rates to curb inflation, drawing rebuke from Trump
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The US Federal Reserve has raised interest rates by 0.25% to combat persistent inflation, signaling further potential hikes. The decision has drawn public criticism from President Donald Trump, who advocates for lower rates to support the economy.
Why it matters
The tension between the Federal Reserve's independent monetary policy and executive political pressure is a significant factor in US economic stability and market confidence.
BURSA SGX Home US Economy Make The Edge Malaysia your preferred source on Google (Sept 17): The US Federal Reserve (Fed) raised interest rates by a quarter percentage point and penciled in an additional hike later this year, steps aimed at containing inflation that will test chairman Kevin Warsh’s relationship with President Donald Trump.
“We removed a dose of accommodation so that financial and credit conditions would be more consistent with our ultimate objectives,” Warsh said during a press conference following the decision. “Today’s action starts to show we’re serious about this, and we will deliver on the price stability objective.”
The Federal Open Market Committee voted unanimously to increase the benchmark federal funds rate to a range of 3.75% to 4% on Wednesday. It was the US central bank’s first rate increase since July 2023.
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