Federal Reserve Chair Kevin Warsh is set to give remarks Wednesday afternoon after the central bank opted to raise interest rates by 0.25 percent to tame inflation amid the Iran war. The Federal Open Market Committee voted unanimously to increase the rate to a range of 3.75 percent to 4 percent. The move marks the first time the Fed has hiked it in more than three years — and the first time in nearly a year that the range touched 4 percent. The bank has faced growing pressure from President Trump to slash rates and the latest decision risks throwing a wrench into Warsh’s relationship with the president. The press conference is scheduled to begin at 2:30 p.m. EDT. #federalreserve #interestrates #warsh #fed
The Pentagon told Congress last month that the cost of the Iran war has now climbed to more than $42 billion — a $4.5 billion increase to the most recent public estimate from the Defense Department more than six months into the conflict. A congressional aide told The Hill on Monday that the Defense officials provided the updated cost estimate to congressional defense committees on Aug. 13. The Pentagon did not respond to a request for comment on how much the cost has increased in the ensuing month. Read More: https://thehill.com/policy/defense/6090292-pentagon-iran-war-cost-increase/ #iran #hegseth #pentagon #budget #war #trump
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The Federal Reserve raised interest rates by a quarter a percentage point on Wednesday to try to tame inflation, raising the borrowing cost on a variety of business and consumer loans.
