The Fed Says No to Cheap Money

On September 16, 2026, the Federal Reserve unanimously raised its benchmark interest-rate range to 3.75%–4.00%, despite President Trump’s demand for rates of 1% or lower. The decision tests the Fed’s inflation strategy and its independence under Chair Kevin Warsh. The unresolved question is whether further tightening will control persistent inflation or unnecessarily weaken an economy facing supply-side pressures.

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