Donald Trump · Federal Reserve (FED) · Kevin Warsh · Bitcoin · Decrypt
The Federal Reserve raised interest rates on Wednesday for the first time since 2023
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"The economy has indeed strengthened," Warsh told reporters at his post-meeting press conference.
Key facts
- The Federal Reserve raised interest rates on Wednesday for the first time since 2023, lifting its benchmark range to 3.75%-4.00% in a unanimous vote
- I've spent a lot of time thinking about AI," he said, but argued Fed independence means staying out of AI policymaking itself
- He fell back on the same line he used at his Jackson Hole keynote in August: "The team will deliver price stability
- The Fed's updated projections still point to one more hike before year-end
Summary
The Fed raised its benchmark rate 25 basis points to a 3.75%-4.00% range in a unanimous vote, its first hike since 2023. Warsh said the economy "has indeed strengthened" but called inflation "the problem," and declined to comment on Trump's reaction. Bitcoin briefly spiked but then stabilized near $75,500, as the hike had already been priced in by markets. The Federal Reserve raised interest rates on Wednesday for the first time since 2023, lifting its benchmark range to 3.75%-4.00% in a unanimous vote.