Fed Defies Trump, Hikes Rates Again as RBA Pivots to Inflation Focus

The US Federal Reserve hiked interest rates for the first time in three years on Wednesday, lifting its benchmark by 25 basis points to a band of 3.75 to 4 per cent in a unanimous 12-0 vote that defies President Donald Trump's demands for lower borrowing costs. Chairman Kevin Warsh declared "the plain fact is that inflation is too high and has been for too long," signalling another hike this year as the central bank battles stubborn price pressures driven by the Iran...