Trump rips 'hostile' Fed board after interest rate hike but defends Warsh
President Donald Trump tore into the “hostile” Federal Reserve after the board voted on Wednesday to raise interest rates but held back criticism of Chairman Kevin Warsh, whom he tapped to lead the central bank earlier this year.
TL;DR
- President Trump described the Federal Reserve board as "hostile" after they voted to raise interest rates.
- Trump defended Chairman Kevin Warsh, whom he appointed, stating Warsh's "hands were tied" by the "hostile board."
- Warsh stated the rate hike was aimed at reducing inflation and achieving the Fed's 2% target.
- Trump reiterated his belief that interest rates are too high.
- Warsh emphasized the independence of the Federal Reserve, stating, "Independence is a two-way street."
- Unlike Warsh, Trump's predecessor at the Fed, Jerome Powell, faced "relentless pressure" from the White House to lower rates.