US Fed Defies Trump, Hikes Rates Amid Persistent Inflation

The US Federal Reserve increased interest rates by 25 basis points to between 3.75% and 4.00%, despite President Donald Trump's demand for rate cuts.

Fed Chairman Kevin Warsh stated that inflation has been 'too high' for 'too long,' citing the need to combat rising prices that have battered US households and businesses.

The decision was unanimous, with a vast majority of Fed policymakers indicating at least one more rate hike is necessary before the end of the year, according to their Summary of Economic Projections.