The US Federal Reserve voted unanimously to raise interest rates for the first time since 2023, in a decision that marks chair Kevin Warsh’s first step to try to tamp down inflation.
Although Warsh acknowledged changing geopolitics, he avoided calling out the US-Israel war against Iran by name.
Warsh also declined to comment on Trump’s demands and threats and how he might react, asserting that Fed’s independence means: “We stay in our lane.”
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The US Federal Reserve voted unanimously to raise interest rates for the first time since 2023, in a decision that marks chair Kevin Warsh’s first step to try to tamp down inflation. The Fed’s open market committee voted 12-0 to raise its benchmark interest rate by a quarter-percentage point to a new range of 3.75% to 4%, potentially setting Warsh on a collision course with Donald Trump, who has repeatedly pressed for rates to be cut and nominated Warsh with that expectation.
Warsh, who assumed the role in May, said the Fed had concluded that “ the plain fact is that inflation is too high and has been for too long ”. Although Warsh acknowledged changing geopolitics, he avoided calling out the US-Israel war against Iran by name. He also declined to provide an indication of whether or not this hike will be the first in a series of increases, as has typically happened in the past.
Warsh also declined to comment on Trump’s demands and threats and how he might react, asserting that Fed’s independence means: “We stay in our lane.” We’ve yet to hear from Donald Trump on what he makes of the news, but no doubt we will soon.
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