How 12 people you probably don’t know knocked down Donald Trump

September 17, 2026 — 11:58am

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In the end, all the bullying from President Donald Trump meant little to 12 largely unknown people who a few hours ago increased American short-term interest rates.

As expected, the dozen members of the Federal Open Market Committee – the arm of the US central bank that sets monetary policy for the world’s largest and most important economy – pushed its key interest rate up by a quarter percentage point to 3.75 to 4 per cent.

And, as expected, Trump responded with all the nuance and understanding of the economy, inflation and monetary policy that he’s displayed since being returned to the White House.

“Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World - BY FAR,” he thundered on Truth Social.

It immediately highlighted one of Trump’s ongoing problem. The Federal Reserve is setting interest rates to deal with inflation in the US. It has nothing to do with the creditworthiness of the US, and everything to do with American inflation.

Fed defies Trump, raises US interest rates for first time in three years

Creditworthiness, or trust in the Trump administration, is its own problem. Interest rates........

© The Age