by Ben Whedon
The Federal Reserve on Wednesday raised interest rates by 0.25%, marking the first hike of Chairman Kevin Warsh’s tenure.
The move brought rates from 3.75% to 4.00%, The Hill reported.
Warsh told reporters that “the least well off are the ones who have the most to gain from stable prices.”
“The decision we made today was the right decision,” Warsh said.
He added that due to the strength of the U.S. economy, America “can focus on stable prices.”
The Fed had held rates steady in the first few meetings with Warsh as chair, despite President Donald Trump repeatedly urging the Board of Governors to lower them.
Prior to Warsh’s confirmation, Jerome Powell served as Fed chairman and earned the nickname of “too late” Powell from Trump, due to his hesitance to lower rates.
The regulator maintains a target inflation rate of 2.00%, though inflation has not fallen to that figure in years.
On Truth Social, the president said interest rates should be at or below 1% because America has the world’s best credit.
“Our Country is BOOMING with new Investment! If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year. The word “Deficit” is nothing more than a fancy word for LOSS. We are “carrying” almost every country in the World, and that cannot go on any longer. LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!” he added.
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Ben Whedon is a reporter for Just the News. Zachery Schmidt is the digital editor of The Star News Network and contributed to this story.
