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Fed Raises Interest Rates, Defying Trump

(Naomi Jagoda & Sylvan Lane – The Hill)

The Federal Reserve on Wednesday raised interest rates for the fourth time this year, defying President Trump who has protested the bank’s policies.

The Fed’s policymaking arm, the Federal Open Market Committee, voted Wednesday to raise the baseline interest rate range from 2.25 percent to 2.5 percent.

The central bank had been telegraphing a December rate hike for several months, and Wednesday’s move had been widely expected by Fed watchers.

But the move comes in the face of intensifying attacks from Trump on the bank and its chairman, Jerome Powell, for raising rates amid new questions about the American economy. Click here to read more.