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On Wednesday, the Federal Reserve raised interest rates for the first time since 2023. And in remarks to reporters, Donald Trump’s handpicked Fed chair dropped some not-so-subtle hints about why the man who nominated him is at least partly to blame. Let’s dive in.

Back up. Why did the Fed raise rates? 

Because inflation remains stubbornly high. Consumer prices have been running hot for more than five years. After they failed to moderate this summer, the central bank’s voting members unanimously backed today’s quarter-point increase, which sent rates into the 3.75–4 percent range.

What did the Fed chair say that implied Trump is to blame? 

Kevin Warsh, whom Trump nominated to lead the Fed earlier this year, tried to stay positive. He noted that unemployment remains low, argued that the economy remains strong, and dodged questions about whether he plans to speak with Trump. But it wasn’t hard to read between the lines. Warsh repeatedly deployed code words—including “geopolitics,” “hot spots around the world,” and “commodity prices”—that pretty clearly pointed the finger at Trump’s tariffs and war with Iran.

How have those things........

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