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International Business Times UK
International Business Times UK
Jim Manzon

Trump Demanded Rate Cuts to 1%. His Hand-Picked Fed Chair Just Hiked Them for the First Time Since 2023

US Federal Reserve Kevin Warsh Donald Trump United States the Federal Reserve Inflation Interest Rates
Stocks tumbled, and the 10-year Treasury yield hit its highest level since 2007 as markets braced for further rate rises (Credit: The White House)

The Federal Reserve raised interest rates on Wednesday for the first time since 2023, defying President Donald Trump's demand for cuts to 1% or less. The unanimous move came from a board led by his own hand-picked chairman, Kevin Warsh.

The decision upended months of political pressure. Trump nominated Warsh to succeed Jerome Powell precisely to lower borrowing costs. Instead, Warsh delivered the opposite.

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