Treasury secretary backs Fed chair after quarter-point rate increase
Treasury Secretary Scott Bessent expressed confidence in Federal Reserve Chair Kevin Warsh after the central bank raised its benchmark rate by a quarter point.
Bessent said President Donald Trump also retains confidence in Warsh after the Federal Open Market Committee unanimously increased its benchmark range to 3.75% to 4%.
Warsh cited persistently high inflation for the decision. Bessent declined to say whether he agreed with the increase, which Trump opposed.