The Federal Reserve raised interest rates for the first time since 2023 in a unanimous decision, with chair Kevin Warsh rejecting calls from President Donald Trump to lower borrowing costs. Every member of the rate-setting committee voted to hike.
That unanimity carries weight beyond the decision itself. A fractured vote would have handed the White House a crack in the Fed's public stance. Warsh's committee left no opening: the result came back without a dissent.
Trump had called for lower rates. Warsh went the other way, and brought the full committee with him. The gap between the executive branch's stated preference on borrowing costs and the central bank's actual policy is now a matter of official record.
The Fed last raised rates in 2023. Warsh ended that pause today over the explicit objection of the sitting president.