The Fed Hikes Against the White House’s Wishes

Most investors agree that an independent Federal Reserve is a good thing – good for markets, good for the economy, good for the U.S., and by extension, good for the world. There is, however, some disagreement about what Fed independence looks like in September 2026. Is it a rate hike? Or is it a pause? 

For the past 19 months, President Trump has made no secret of what he thinks the Fed should do. Before today's meeting, he had dialed up the volume on his view with this all-caps Sept....

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