Fed Expected to Raise Interest Rate Amid Trump Opposition

The Federal Reserve is widely expected to raise its benchmark interest rate on Wednesday for the first time in three years, despite President Donald Trump's opposition to a cut.

This move would aim to combat stubbornly high inflation, with the Fed's current rate sitting at about 3.6%.

Fed Chair Kevin Warsh has been hinting that more needs to be done to keep inflation in check, having argued two weeks ago at the annual conference in Jackson Hole, Wyoming, that the Fed had not yet achieved its goal.