Federal Reserve expected to raise its benchmark rate, defying Trump

The Federal Reserve is widely expected to lift its short-term interest rate Wednesday for the first time in three years to fight stubbornly high inflation, a move that would put the central bank at odds with President Donald Trump’s demands.

An increase in the Fed’s rate, currently about 3.6%, isn’t guaranteed but most analysts and economists expect a hike after a speech two weeks ago in which Fed Chair Kevin Warsh argued that the central bank had not yet achieved its goal of putting inflation in check.

Read the original report at Apnews.