The US Federal Reserve's Free Open Market Committee (FOMC) increased the key rates in their two-day meeting held on 25th-26th September. The FOMC also evaluated and forecasted the economic growth for the United States in the days to come.
While the increase in the rates had come to be expected, the American president Donald Trump came out all guns blazing against the hike, addressing the development in a press conference held on Wednesday. The CNBC quotes the president as saying, "Unfortunately they just raised interest rates a little bit because we are doing so well.
I'm not happy about that. I'd rather pay down debt or do other things, create more jobs. I'm worried about the fact that they seem to like raising interest rates, we can do other things with the money." Trump's statements have, in turn, not gone well with the Congress and the Wall Street.
In terms of the changes made to the key rates, the FOMC hiked by them by 0.25%, effectively bringing them to 2.25% from the earlier 2%. Another hike is on the cards before the end of the year. The GDP growth was estimated to be around 3.1% for 2018, while the unemployment forecast was also slightly increased to 3.7% from its initial estimation of 3.6%.