President Trump sharply criticized the Fed’s unanimous decision to raise interest rates for the first time in three years. “I’m relying on Kevin, but he’s got, you know, a very tough board,” Trump said of Kevin Warsh, the Fed chairman, calling it “very hostile.” The Fed raised the benchmark rate to 3.75 percent to 4 percent.

Kevin Warsh said “inflation is too high and has been for too long” and that the hike shows “we’re serious about this.” His comments underscored central bank independence despite pressure from the president who appointed him. Futures markets now price 50-50 odds of another rise in October and three increases by next summer.

Trump, who wrote that rates should be 1%, or less, remains isolated. Wall Street overwhelmingly expects further rises, while Jeffrey Roach of LPL Financial said Warsh and the committee are building a strong reputation by defeating inflation. Mohamed El-Erian argued that a higher benchmark rate could ease bond-market turmoil.

Meanwhile, Trump pivoted to the trade war, saying he might halt trade with countries that have a surplus with the U.S. unless the Fed lowered rates. The release of “Musk” is also reportedly in doubt: Universal Pictures has not set a U.S. release date, and Comcast, Universal’s parent company, could face scrutiny.