Fed chair presided over unanimous decision to raise interest rates despite intense campaign from White House.
Welcome though it was, his embrace of economic orthodoxy nonetheless did little to dispel the Keystone Cops quality of governance in Donald Trump’s US.
After the rate hike, Trump went ballistic – spewing more of the random, incoherent thoughts that have become his trademark.
For sure, the S&P 500 index took a nosedive on Wednesday afternoon, closing some 0.4% lower at the thought that the Fed would likely now raise rates again in December and twice in 2027.
4 sentences from our version of the report,
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How
Summarized version
By contrast, by raising rates and demonstrating he is serious about curbing inflation, the Fed is likely to calm market jitters and reduce long-term inflation expectations allowing for lower interest rates on mortgages and other long-term loans that matter to businesses and consumers. Holding one’s breath may be a bad idea.
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The article, shortened and in plain language
Fed chair presided over unanimous decision to raise interest rates despite intense campaign from White House.
In the end, Kevin Warsh’s Federal Reserve acquitted itself well. For all the uncertainty he had preceded at the previous meeting of the Federal Open Market Committee, when he refused to provide any indication of what he was prepared to do to tame stubborn inflation, the chair on Wednesday presided over an unanimous decision to raise interest rates for the first time in three years.
“Today’s action starts to show that we’re serious about this,” he said at the press conference after the meeting, with “this” meaning inflation more than the Fed’s 2% target for over five years. Welcome though it was, his embrace of economic orthodoxy nonetheless did little to dispel the Keystone Cops quality of governance in Donald Trump’s US.
Trump has yet to turn on Warsh in the way he did on his predecessor, Jerome “ numbskull ” Powell. After the rate hike, Trump went ballistic – spewing more of the random, incoherent thoughts that have become his trademark. “Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World,” he wrote on social media, despite recalcitrant inflation and a budget deficit that is likely to exceed $2tn this year.
For sure, the S&P 500 index took a nosedive on Wednesday afternoon, closing some 0.4% lower at the thought that the Fed would likely now raise rates again in December and twice in 2027. The yield on the 10-year bond rose, again surpassing 5%.
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