Why Trump's hand-picked Fed chair defied him by raising interest rates

Why Trump's hand-picked Fed chair defied him by raising interest rates Close US interest rates have been raised for the first time in more than three years to 3.75%-4% from 3.5%-3.75% by the Federal Reserve. Fed Chair Kevin Warsh warned they could be increased further later this year in a bid to slow rising prices.

The increase comes despite fierce opposition from President Donald Trump, who had called for rates to be cut.