Fed Defies Trump, Expected to Raise Interest Rate Despite His Opposition

The Federal Reserve is widely expected to raise its benchmark interest rate for the first time in three years on Wednesday to combat stubbornly high inflation.

This move would put the central bank at odds with President Donald Trump's support for a cut in rates, which are currently about 3.6%.

Fed Chair Kevin Warsh has not provided clear signals about future rate hikes, unlike his predecessors, but most analysts and economists still expect a rate increase after his recent speech two weeks ago.