Fed defies Trump by indicating it will push ahead with rate rises - as it happened

US central bank discussed raising borrowing costs to ‘modestly restrictive’ levels, minutes of last month’s meeting showLatest: Fed minutes show further rate hikes are expectedThe Key Text: Officials discussed raising rates to ‘restrictive’ levelsFed worries about trade wars and tax cuts 9.15pm BST And finally, the New York stock exchange had finished in the red.The Dow shed 90 points, or 0.36%, taking a bite out of yesterday’s 547-point rally. The S&P 500