'Monumental mistake…': Peter Navarro torches Fed chair Kevin Warsh over rate hikes

White House Senior Counsellor on Trade and Manufacturing Peter Navarro calls the Fed Reserve Board's unanimous vote to increase interest rates by a quarter point a "monumental mistake," citing examples by his predecessors Alan Greenspan and Ben Bernanke, who respectively avoided rate hikes amid an oil shock following Iraq's 1990 invasion of Kuwait and again when Iran detained military vessels in the late 2000s. "For me, it's inexplicable that the Fed and Kevin Warsh do not understand that history," Navarro says, calling the move "ahistorical."