President Trump spared Fed Chairman Kevin M. Warsh from his anger after the central bank unanimously raised borrowing costs for the first time in three years, despite Mr. Trump’s demand for a cut. Mr. Trump had sworn in his handpicked chairman in May, telling him to be independent and “just do your own thing.”

The president said he told Mr. Warsh before the vote that “you might as well vote with the board because it’s just not going to matter.” He instead called other Fed members “hostile” and “political,” describing Mr. Warsh as a “good man.” The shift contrasts with Mr. Trump’s frequent criticism of former Fed Chairman Jerome H. Powell.

Mr. Trump did not abandon his pressure campaign. He issued an unrelated ultimatum to cut off a swath of U.S. trade unless the central bank slashed rates to 1 percent or lower, threatening repercussions for American families and businesses. Most policymakers projected at least one more increase this year, with more under consideration in 2027.

Sarah Binder, a political science professor at George Washington University, said Trump was still “putting a thumb on the scale” by absolving Warsh of blame while keeping pressure on the Fed.