WASHINGTON — With the US economy still strong, the Federal Reserve raised the benchmark interest rate on Wednesday for the third time this year but showed no indication it would be more aggressive in efforts to head off inflation. Shortly after the announcement, President Donald Trump once again criticized the Fed for raising rates. Asked earlier about Trump's previous criticism of Fed rate hikes which he said could undermine the booming economy, Powell said the central bank did not take "political factors" into consideration. Powell said the Fed was hearing a "rising chorus" of concerns from businesses around the country about uncertainty and rising costs. Wall Street did not appear terribly happy about the Fed decision, and after an initial uptick the three major stock indexes finished the day lower, although such moves are not unusual on the day of an interest rate move.

Source: Philippine Star September 27, 2018 03:22 UTC