Hours after the Federal Reserve raised interest rates for the first time in three years, President Trump demanded they fall to 1 percent or lower — a collision of wills that reveals an enduring tension at the heart of democratic governance: who ultimately steers the economy, the elected or the appointed? Fed Chair Kevin Warsh, Trump's own choice for the role, defended the quarter-point increase to 3.75–4 percent by pointing to inflation that has refused to yield, even as the president insists the nation's economic strength demands cheaper money. The moment is less about a single rate decision