Fed Hikes Interest Rates Despite Trump's Calls for Cuts

The Federal Reserve raised interest rates by a quarter point despite calls from President Trump for cuts. This move comes after the Federal Open Market Committee meetings where policymakers kept the interest rate unchanged. The decision to raise interest rates was announced on July 29, 2026.

Federal Reserve Chair Kevin Warsh spoke during a news conference at Federal Reserve Headquarters in Washington, DC. Warsh did not provide further details or explanations for the decision to raise interest rates by a quarter point.