The Federal Reserve on September 16 hiked rates for the first time in three years, an effort to tamp down inflation that drew a muted rebuke from President Trump as the midterms approach. In a unanimous vote, the Fed raised rates by a quarter point to the 3.75% to 4% range – the first move in rates under Kevin Warsh, whom Trump hand-picked after lambasting predecessor Jerome Powell for years for not lowering interest rates fast enough. “The plain fact is that inflation is too high and has been for too long,” Warsh said at a press conference following the vote.
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