Warsh’s reluctant turn restarts Fed war

SPY•2026-09-16

Breakingviews on the Fed and the White House

The US central bank bowed to reality with a quarter-point rate hike, with more to come. Tightening makes Chair Kevin Warsh persona non grata in the White House and may spur more bond buying from activist Treasury Secretary Scott Bessent. A lull in the Trump-Fed war is over.

The Federal Open Market Committee raised the target rate for federal funds by a quarter percentage point to 3.75-4.00% on September 16.

Federal Reserve officials expect one more interest rate increase this year and expect to hold steady in 2027, quarterly projections released after their latest policy meeting showed.

Warsh’s reluctant turn restarts Fed war

Breakingviews on the Fed and the White House

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