How Trump’s hand-picked Fed chair defied him by raising interest rates

US interest rates have been raised for the first time in more than three years to 3.75%-4% from 3.5%-3.75% by the Federal Reserve. Fed Chair Kevin Warsh warned they could be increased further later this year in a bid to slow rising prices.

The increase comes despite fierce opposition from President Donald Trump, who had called for rates to be cut.

The president on Wednesday accused top Federal Reserve policymakers of acting against him for political reasons.