US Fed Hikes Rates Amid Ongoing Inflation Concerns

The US Federal Reserve raised interest rates by a quarter of a percentage point to 3.75-4% in its first rate hike in three years, with new central bank chief Kevin Warsh calling it the 'right decision.'

Warsh attributed the need for tighter monetary policy to an economy that's picking up speed, with strong economic and job growth adding to price pressures.

The rate increase was unanimous, but Trump reacted quickly, repeating his call for lower interest rates, saying they should be '1%, or less, because we are the Best Credit in the World, BY FAR.'