Fed Holds Steady at 3.5% to 3.75%, Despite White House Pressure

The Federal Reserve has kept interest rates steady at 3.5% to 3.75%, despite pressure from the White House to cut rates and growing speculation of a rate hike.

This decision comes after a meeting of the Federal Open Market Committee, where three Fed officials dissented in favor of a quarter-point rate hike.

According to Federal Reserve Chairman Kevin Warsh, inflation remains elevated at 2% above the Fed's goal, but he emphasized that the committee is committed to delivering price stability.

President Donald Trump praised Warsh while criticizing the Fed board for not cutting rates, saying 'Kevin's got a board; he's fantastic. He's a brilliant guy, smart. I know he'd love to see lower interest rates, but he's got a board, and it's a political board, and they want to keep rates up.'