Federal Reserve raises interest rates despite pressure from Trump

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Fed said rates will rise a quarter of a percentage point, to 2.25% to 2.5%, even though president called increases ‘foolish’

The US Federal Reserve raised interest rates again on Wednesday despite intense, and unprecedented, pressure from Donald Trump to leave rates unchanged.

After a two-day meeting the central bank announced rates would rise a quarter of a percentage point, to a range of 2.25% to 2.5%, the ninth such move since late 2015 and further signaling the Fed’s confidence in the US economy.

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