Republican senators pushed back against President Trump’s criticism of the Federal Reserve after the central bank raised interest rates to between 3.75 percent and 4 percent. Trump said rates should be 1 percent or less and urged the Fed to cut them quickly, while saying he was relying on Kevin Warsh, the Fed chair, and allowing him to vote with the board. Senators Mike Rounds, John Kennedy and Senate Majority Leader John Thune defended the Fed’s independence and mandate to keep inflation in check, although Thune acknowledged the increase would not help lower costs in the near term. Stocks initially fell after the decision but the S&P 500 and Nasdaq rose 1.14 percent and 1.69 percent on Thursday. The newsletter also highlighted a review finding that Federal Reserve supervisory staff knew or should have known about Silicon Valley Bank’s vulnerabilities, a survey showing 43 percent blamed Trump for current economic conditions, lawmakers’ request for an FTC investigation into Amazon and Walmart, and Warren Buffett’s planned departure as Berkshire Hathaway chair.