Trump Defends Warsh Amid Interest Rate Hike

President Trump defended Federal Reserve Chairman Kevin Warsh after the central bank raised interest rates for the first time in three years, saying he still has confidence in him despite a 'hostile' board.

The Fed's decision to hike benchmark rates by a quarter point to the 3.75% to 4% range was seen as a response to a spike in energy prices and inflation caused by the Iran war.

Trump blamed the Fed's board for voting against him, saying they're 'very hostile' and 'doing the wrong thing' for political reasons.

The President had previously threatened to sever trade relations with countries with which the US has a deficit if the rates weren't lowered, but instead, he called on the Federal Reserve to lower them after the decision.