US President Donald Trump says he told Fed Chair to 'do what you want' ahead of rate hike
US President Donald Trump said that he counseled Federal Reserve (Fed) Chair Kevin Warsh to vote for an interest rate hike because other Fed policymakers were expected to vote that way anyway, the Washington post reported on Wednesday.
US President Donald Trump reportedly suggested Federal Reserve Chair Kevin Warsh to vote in favor of a rate increase, as other Fed members were anticipated to do so, according to the Washington Post. Trump claimed that the board was "very hostile" and "political," adding that they were "doing the wrong thing" and were "people put on by politicians."
Despite Trump's advice, Warsh did not follow his instructions, as the Fed unanimously decided to raise interest rates by 25 basis points for the first time in three years. The US Dollar Index (DXY) increased by 0.03% on the day, reaching 100.35. The Fed's dual mandate is to maintain price stability and promote full employment, with interest rate adjustments being their primary tool to reach these objectives.
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