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# The Fed Just Raised Interest Rates, Defying Pressure From President Trump

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## Video: The Fed Just Raised Interest Rates, Defying Pressure From President Trump

[Watch (HLS stream): The Fed Just Raised Interest Rates, Defying Pressure From President Trump](https://cdn.jwplayer.com/manifests/5daVWcEb.m3u8) (1:13)

![The Fed Just Raised Interest Rates, Defying Pressure From President Trump](https://cdn.jwplayer.com/v2/media/5daVWcEb/poster.jpg?width=720)

_Published 2018-12-19. The Federal Reserve raised borrowing costs for the fourth time this year, ignoring a stock-market selloff and defying pressure from President Donald Trump, while dialing back projections for interest rates and economic growth in 2019._


---

Jul 28, 2023 12:59 AM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point](/video/udX0dXuW/)

### Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point

[The Fed Just Raised Interest Rates By .75 Points](/video/5EkxWimj/)

### The Fed Just Raised Interest Rates By .75 Points

[What's With The Fed and Interest Rates? Money](/video/ZjsduZFQ/)

### What's With The Fed and Interest Rates? Money

---


## Transcript

As the economy struggled to recover from the financial crisis and the subsequent recession, the committee held our policy rate near zero for seven years to give the economy the best chance to recover. And the economy did recover, steadily, if slowly at times. Three years ago the committee came to the view that the best way to achieve our mandate was to gradually move interest rates back to levels That are more normal in a healthy economy. Today we raised our target range for the short- term interest rates by another quarter of a percentage point. As I've mentioned, most of my colleagues expect the economy to continue to perform well in the coming year.

Many FOMC participants had expected that economic conditions would likely call for about three more rate increases in 2019. We have brought that down a bit, and now think it is more likely that the economy will grow in a way that will call for two interest rate increases over the course of next year. We always emphasize that our policy decisions are not on a pre- set course and will change if the incoming data materially change the outlook. And given recent developments the statement notes that we will continue to monitor global and economic financial developments and assess their implications for the economic outlook.

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