Trump Picked Warsh to Cut Rates. Warsh Raised Them Instead
The Federal Reserve raised its benchmark rate a quarter point on September 16 to a range of 3.75% to 4%, its first increase since 2023, in a unanimous vote under the chair Trump chose to bring rates down. Credit cards and home equity lines reprice within a billing cycle. The Fed did it with core CPI at its lowest since 2021, and its own forecast pencils in one more hike this year.
