Navarro Blasts Fed Rate Hike as Monumental Mistake

White House Senior Counsellor on Trade and Manufacturing Peter Navarro has criticized the Federal Reserve Board's decision to raise interest rates by a quarter point, calling it a 'monumental mistake.'

In a recent statement, Navarro cited examples from his predecessors Alan Greenspan and Ben Bernanke, who avoided rate hikes during periods of economic uncertainty.

Specifically, he mentioned the 1990 oil shock following Iraq's invasion of Kuwait, as well as Iran detaining US military vessels in the late 2000s. Navarro accused the Fed and its chair Kevin Warsh of being 'ahistorical' in their decision-making process.