EconomyTrump picked his Fed chair to cut rates. He raised them instead.

During his first term, President Donald Trump attacked the Federal Reserve over high interest rates; in his second, he made cheaper borrowing a political priority. He chose Kevin Warsh, a critic of the Fed’s inflation record, expecting alignment. Months later, Warsh raised rates by a quarter point—the first hike in three years and a direct contradiction of the White House’s demands.