The president also suggested that he doesn’t expect Kevin Warsh to follow his directions, saying he wanted the Fed “to be independent.”

The Federal Reserve raised interest rates by a quarter percentage point on Wednesday to try to tame inflation, raising the borrowing cost on a variety of business and consumer loans.

The 5-percent milestone, last topped in 2023, deepened worries that rising borrowing costs will squeeze households and swell the cost of carrying the national debt.

Annual inflation held steady last month, with the Labor Department’s consumer price index rising as expected for the year ending in August.

The Labor Department’s consumer price index held steady last month, rising as expected for the year ending in August.

Some GOP lawmakers and leaders said they had no notice about Trump's plan to propose $5,000 dividend checks if the GOP wins in November. Other Republicans say they are concerned about the plan's cost.

Fiscally conservative Republicans are concerned about the likely more than $1 trillion cost of the plan.

Raising the payroll tax cap is gaining traction as a fix — even in the anti-tax GOP — to fend off deep cuts in retirement benefits.