President Donald Trump publicly criticized Fed Chair Kevin Warsh and the FOMC after the Fed raised the federal funds rate by 25 basis points on Sept. 16, kicking off the fourth rate-hiking cycle of the 21st century. Trump said he still relies on Warsh but called the board “very hostile” and “very political,” and told Time he would probably have voted against the board if he were Warsh. The article argues that inflation has topped the Fed’s 2% target for 67 months, reaching 4.2% in May, and blames tariffs and the Iran war. A New York Fed study estimates tariffs added 2.9 percentage points to consumer prices, and the author suggests more criticism of Warsh is likely, which could be bad news for stocks.
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FedKevin Warshinterest ratesinflationDonald Trump
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Related tickers and likely impact
DXY
▼ Likely negativeRelevance: medium
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 101.74 |
| Change that session | +0.11% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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