The Federal Reserve just before the November midterm elections made the situation even more difficult for congressional Republicans. But Republican lawmakers did not criticize Federal Reserve Chairman Kevin Walsh. This week, the Federal Reserve raised interest rates for the first time since Walsh took charge of the central bank. The interest rate hike resolution passed by full vote this time is likely to further exacerbate voter concerns faced by the Republican Party: voters' dissatisfaction with the current state of the economy and the high cost of living is heating up. However, some Republican lawmakers said they were relieved to see that Walsh dared to defy President Donald Trump's wishes. Walsh's nomination was fiercely criticized by the Democratic Party during the hearing. The Democratic Party believed at the time that Walsh would obey the president's orders after taking office. “The Federal Reserve must remain independent. This resolution shows independence.” South Dakota Republican Senator Mike Lowndes, who is facing a re-election campaign, said, “This should give confidence to the market.” Although interest rate hikes may have a negative political impact on the Republican Party, the Republicans are willing to give Walsh policy space, highlighting their respect for the new chairman of the Federal Reserve.

The Federal Reserve just before the November midterm elections made the situation even more difficult for congressional Republicans. But Republican lawmakers did not criticize Federal Reserve Chairman Kevin Walsh. This week, the Federal Reserve raised interest rates for the first time since Walsh took charge of the central bank. The interest rate hike resolution passed by full vote this time is likely to further exacerbate voter concerns faced by the Republican Party: voters' dissatisfaction with the current state of the economy and the high cost of living is heating up. However, some Republican lawmakers said they were relieved to see that Walsh dared to defy President Donald Trump's wishes. Walsh's nomination was fiercely criticized by the Democratic Party during the hearing. The Democratic Party believed at the time that Walsh would obey the president's orders after taking office. “The Federal Reserve must remain independent. This resolution shows independence.” South Dakota Republican Senator Mike Lowndes, who is facing a re-election campaign, said, “This should give confidence to the market.” Although interest rate hikes may have a negative political impact on the Republican Party, the Republicans are willing to give Walsh policy space, highlighting their respect for the new chairman of the Federal Reserve.