The Federal Reserve raised its main borrowing rate on Wednesday, ignoring repeated calls from President Donald Trump to hold off on further interest rate hikes. Though the move is sure to frustrate the president, it comes as the central bank continues to underscore the strength of the economy, particularly the growing number of jobs, even with unemployment below 4 percent.Story Continued Below “The labor market has continued to strengthen and … economic activity has been rising at a strong rate,” the Fed’s rate-setting committee said in its post-meeting statement. The central bank did, however, indicate that fewer rate hikes might be on the way next year.Fed officials expect 3 percent growth overall this year — meeting Trump’s target — after tax cuts and increased government spending helped boost the economy in the short term. Trump has ratcheted up pressure on Fed Chairman Jerome Powell in the past week to end the central bank’s three-year-long rate hike campaign, saying it’s rattling the markets and could threaten economic growth. On Tuesday, the president pointed to an op-ed in The Wall Street Journal suggesting that it’s time for the Fed to pause, saying: “I hope the people over at the Fed will read… Read full this story
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