GOP Senators Defend Fed's Rate Hike Against Trump Criticism

President Trump's criticism of the Federal Reserve's decision to raise interest rates has sparked backlash from some Republican senators, who argue that the central bank is simply fulfilling its mandate to keep inflation in check.

The Fed raised interest rates between 3.75 percent and 4 percent, a move that was met with an initial decline in financial markets but ultimately followed by a surge on Thursday.

Senate Majority Leader John Thune (R-S.D.) defended the Fed's action, stating that 'they're trying their best to ensure that they're meeting their mission of keeping inflation at the rate that's called for in their charter.'

Sen. Mike Rounds (R-S.D.) also expressed support for the Fed's decision, saying 'I have no problem with the Fed decision. I think the Fed exercised their independence, which is what we elect them to do, and I think the markets have responded accordingly.'