President Trump said he was standing by Federal Reserve Chairman Kevin Warsh and that he spoke to him just before the central bank unanimously voted to raise interest rates.

"I'm relying on Kevin. But he has a very tough board," Trump told reporters Wednesday in response to a question on whether he has confidence in Warsh. "I talked to Kevin. I said 'you might as well vote with the board because it's not going to matter.'" He added, "I said 'do what you want.'"

Trump has spoken repeatedly with Warsh since he became chairman of the Fed, The Wall Street Journal previously reported.

The Federal Reserve raised rates earlier Wednesday for the first time in three years, a reversal that began taking back cuts it made last year and implicitly undercut the White House view that inflation isn't a concern.

The Fed didn't immediately return a request for comment.

This article will be updated as news develops.