Fed Set to Raise Rates Despite Trump's Opposition

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

This move aims to combat stubbornly high inflation, with most analysts and economists predicting a quarter-point increase in the Fed's rate from 3.6%.

Fed Chair Kevin Warsh has signaled that the central bank has not yet achieved its goal of putting inflation in check, which he argued during his speech at the annual conference in Jackson Hole, Wyoming, two weeks ago.