'Stay in our lane': Warsh vows Fed independence after hiking rates
Chairman Kevin Warsh drew a bright line between the Federal Reserve and the White House after the central bank raised interest rates in defiance of President Donald Trump.
TL;DR
- Federal Reserve Chairman Kevin Warsh stated the central bank must 'stay in our lane' to maintain independence.
- The Fed raised interest rates by 0.25 percentage points, defying President Trump's lobbying for a rate cut.
- This move signals the Fed's commitment to lowering inflation, which is currently at 3.4%.
- Unlike his predecessor, Warsh has not faced direct attacks from President Trump regarding the rate decision.
- President Trump publicly called for lower interest rates following the Fed's announcement.