Fed Chair Kevin Warsh Defied President Donald Trump, and 17 Words From His Post-FOMC Meeting Press Conference Suggest He May Do So Again
The Federal Open Market Committee (FOMC) just raised interest rates for the first time in three years.
Overview
Weeks of anticipation over whether the Federal Open Market Committee (FOMC) would raise interest rates were recently put to bed when the committee unanimously voted at its September meeting to raise the federal funds rate by a quarter point to a range of 3.75% to 4%.
While the market had widely anticipated such a move, I'm not sure anyone expected the vote to be 12–0 among FOMC members, largely because the committee has been divided at recent meetings.
Details
The decision is a defiance of President Donald Trump, who nominated Kevin Warsh to become Federal Reserve chair earlier this year and who has desperately wanted the Fed to cut rates since his second term began.
Source
Originally published at www.fool.com.