Federal Reserve Defies Trump with Interest Rate Hike Amid High Inflation

The Federal Reserve raised its benchmark interest rate for the first time in three years to combat stubbornly high inflation, hiking rates by a quarter point to approximately 3.9%.

This move could lead to higher borrowing costs for mortgages, auto loans, and credit cards as Americans already struggle with expensive groceries, gas, and housing.

President Donald Trump responded negatively to the decision, calling the Federal Reserve board 'very hostile' and claiming they're doing it to hurt his presidency politically.