Chairman Kevin Warsh's quarter-point rate increase sends an unambiguous message to President Donald Trump: Hands off the Federal Reserve . Warsh on Wednesday voted with a unanimous Federal Open Market Committee to raise interest rates by a quarter-point, despite repeated urgings by Trump and his administration to cut or at least not hike. Those warnings continued even as the FOMC convened Wednesday. Yet Warsh reviewed the economy and made up his own mind that interest rates needed to rise, despite the potential political consequences. Warsh made no reference to politics in his press conference but said he was worried about inflation that remained stuck above the Fed's 2% target.
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