Kevin Warsh has broken away from US President Donald Trump in his first Fed move, and he has done it with the entire committee behind him. The Federal Open Market Committee lifted rates on Wednesday after holding them at 3.5% to 3.75% since December, ending a pause that had grown harder to justify as energy costs pushed prices higher. That matters because the pressure ran in both directions as three regional presidents had voted for a hike in July, while the White House spent months demanding cuts. At the time of writing, the market reaction to the decision has been fairly muted likely due to the fact that the hike was widely expected.
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