Trump accuses Fed policymakers of acting against him for political reasons

Fed raises benchmark rate to 3.75%-4%, first hike in over three years

President Donald Trump on Wednesday accused top Federal Reserve policymakers of acting against him for political reasons, according to BBC News. The accusation followed the Federal Reserve’s decision to raise its benchmark interest rate to a range of 3.75%-4% from 3.5%-3.75% on Wednesday, the first such increase in more than three years.

The increase came despite fierce opposition from President Donald Trump, who had called for rates to be cut ahead of the decision.

Fed Chair Kevin Warsh warned that rates could be raised further later this year in a bid to slow rising prices, BBC News reported.