Wednesday , June 29 2022

Fed rises rate despite Trump criticism



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The entity considered that "the labor market has continued to strengthen and economic activity has increased at a healthy pace".

As most Wall Street analysts were expected, the US Federal Reserve raised the benchmark interest rate today in 25 basic points, to the range of between 2.25% and 2.50%.

Lord Donald Trump, whose entity, whose financial normality plan has been at the center of criticism, said in his statement "the labor market has continued to strengthen and economic activity has increased at a healthy pace". The decision to increase the rate was unanimous.

"The committee of that opinion is There are some major increases in the target range for a federal reserves rate consistent with the continued expansion of economic activity, strong labor market conditions and inflation is near the 2% target in the medium term, "said bank statement.

The Fed also updated its projections for the world's largest economy, reducing its GDP expectations from jumping from 3.1% to 3.0% for this year. In 2019 and 2020 the speed would slow to 2.3% and 2.0% respectively.

Trump has repeatedly blamed the Fed for a recent decline in the US stock market. This week, he inquired on Twitter that the entity was considering applying for a hike, against a stronger dollar and in the middle of a commercial war with China.

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