Daily Mail: Defiant Fed chair Jerome Powell says politics played 'no role whatsoever' on its decision to hike interest rates and vows 'nothing will deter us' after President Trump's failed effort to goad the central bank to hold off an increase
* The Federal Reserve announced its decision on rates after extraordinary public pressure from the president
* Hike of 0.25 per cent
* Benchmark rate at 2.5 per cent
* Said more rate increases were appropriate
* News wiped away morning 350 point gain in the Dow
* Powell said 'political considerations play no role whatsoever in our discussions'
* Said 'nothing will deter us from doing what we think is the right thing to do'
* Trump on Tuesday argued against a hike and urged the Fed to 'feel the market'
* He has also attacked Fed Chair Jerome Powell in interviews and on Twitter
* Decision comes amid a strong job market but some signs of economic cooling
* A volatile market has wiped out 2018's stock market gains
* The move impacts borrowing across the board
Federal Reserve Board Chair Jerome Powell said 'nothing' will deter independent central bankers from following their economic convictions – after an extraordinary pressure campaign by President Donald Trump to hold off on rate hikes.
Powell got asked repeatedly Wednesday about Trump's extended public push to hold off on further rate increases – which the Fed's rate committee brushed past as it came out with a 0.25 per cent increase in the Fed's closely-watched lending rate.
And though he didn't go after Trump by name, Powell, who was nominated by the president, proclaimed his independence when asked about the pressure tactics by multiple reporters at a rare press conference.
Read more ....
WNU Editor: The impact of these rate hikes will be felt globally. This determination to raise these rates is also something that I have trouble understanding. Why raise rates when the economy is booming, and especially when you need a booming economy to minimize the government's budget deficits.
