Fed Expected to Raise Rates Despite Trump's Demands

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

According to analysts and economists, a quarter-point increase in the Fed's rate, currently around 3.6%, is likely despite President Donald Trump's calls for a cut.

Fed Chair Kevin Warsh sparked expectations of a hike with his speech at the annual Jackson Hole Economic Policy Symposium two weeks ago, where he stated that the Fed had not yet achieved its goal of putting inflation in check.