← Chronicle · Decision · September 16, 2026

The Warsh Fed Raises Rates — Against the President's Demand for Cuts

The Federal Open Market Committee raised the federal funds target range by 25 basis points to 3.75–4.00% on September 16, 2026. The move ran directly against President Trump’s stated demand for rate cuts and is scored on this site’s scoreboard as a setback for the President — the clearest instance in the record of an official the President installed acting against his stated position.

Sources: Federal Reserve, September 16, 2026; the President’s public statements on rates.