The Federal Open Market Committee (FOMC), the Fed panel that sets U.S. monetary policy, unanimously raised its baseline interest rate by a quarter point to a range of 3.75% to 4%. The increase was widely expected by markets and marked the committee’s first rate hike in more than three years. Federal Reserve Chair Kevin Warsh attributed the move to inflation that remains above the central bank’s 2% target, while President Trump said rates were too high but directed his criticism at what he called a hostile board rather than Warsh. The decision reinforced the Fed’s independence, according to former Cleveland Fed president Loretta Mester, even as Trump accused other officials of acting for political reasons. The FOMC’s projections indicated that further tightening remains possible, with 12 of 18 officials forecasting one more hike. Stocks initially fell after the decision before rebounding Thursday as oil prices declined. Higher rates are expected to increase borrowing costs, while the average 30-year mortgage rate reached 6.95%, up from 6.76% the previous week.