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Federal Reserve Chair Kevin Warsh told reporters on Sept. 16 that the central bank's decision to raise interest rates was correct, a direct response to ongoing criticism from President Donald Trump.
Warsh stated, "The decision we made today was the right decision," addressing questions from ABC News reporter Elizabeth Schulze about his stance on the president's calls for lower rates.
The Federal Open Market Committee (FOMC) voted unanimously, 12-0, to increase the federal funds target rate by 25 basis points to a range of 3.75%-4.00%.
This move marks the beginning of the fourth interest rate-hiking cycle of the 21st century, a shift that comes after the FOMC enacted six rate cuts between September 2024 and December 2025.
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