Trump Backs Warsh Amid Fed Rate Hike Spat

U.S. President Donald Trump has expressed his continued support for Federal Reserve Chairman Kevin Warsh, despite the central bank's decision to raise interest rates. In a statement, Trump criticized what he called a 'hostile' Fed board, suggesting that they were not aligned with his views on monetary policy.

The rate hike was unanimous among the Fed board members, with all nine voting in favor of the increase. This move contradicts Trump's repeated calls for lower borrowing costs to stimulate economic growth.

Trump has been a vocal critic of the Fed's actions under Chairman Jerome Powell, whom he replaced with Warsh earlier this year. Despite the appointment of Warsh, who is seen as more dovish than Powell, the Fed has continued to raise interest rates, leaving Trump frustrated and disappointed.