To the surprise of no one (see “Going Up?”), the Federal Reserve voted to raise interest rates by a quarter percentage point. The vote was unanimous (including the Chairman, Kevin Warsh).
Analysts now believe that the Fed will raise rates again before the end of the year.
Needless to say, this did not go over well with President Trump who insisted on Truth Social, “Interest Rates in the United States should be 1%, or less …” Trump had appointed Warsh earlier in the year to replace Jerome Powell.