Navarro Slams Fed's Rate Hike as 'Bad Decision'

White House adviser Peter Navarro blasted the Federal Reserve's decision to raise interest rates by a quarter point, calling it 'a bad decision'. The move will increase the benchmark interest rate to a range of 3.75 percent to 4 percent.

Navarro claimed that Fed Chair Kevin Warsh had told him he would not raise interest rates and accused the Fed of being politicized under his predecessor Jerome Powell. He also suggested that the hike is politically motivated, saying 'if they raise rates like five days before the election, you know it's political'.

Navarro argued that the rate increase will take money out of Americans' pockets, leading to reduced spending and economic slowdown. He added that President Trump has been a strong advocate for lower interest rates.