The US Federal Reserve raised its benchmark interest rate by 25 basis points to a target range of 3.75% to 4%, according to the supplied account. The move was described as the first interest rate hike in more than three years.

President Donald Trump responded by stepping up his criticism of the central bank. Speaking to reporters before a midterm campaign rally in North Carolina, he said the Fed board was 'very hostile' and 'very political.' He also said its members were 'doing the wrong thing' and were 'a bunch of politicians.'

Trump accused the board of raising rates to harm his presidency, saying, 'They're raising rates to make Trump do as bad as they can possibly do.' He also said the board was acting against him and accused its members of making decisions for political reasons.