On Sept. 16, the Warshonomics agenda clashed with Trumponomics ideology. Despite President Donald Trump’s repeated demands to lower interest rates, the Federal Reserve did the exact opposite and pulled the trigger on a quarter-point hike. While central bank policymaking is a by-the-book affair that only entertains Bloomberg Terminal bros and econnoiseurs, Fed Chairman Kevin Warsh and his colleagues’ decision represented much more than a 25-basis-point hike in the benchmark federal funds rate. It could have broader political and Main Street implications.
A Hike to the Eccles Building
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