Fed Chair Warsh Hikes Rates, Credits Trump’s Economy But Skips Rate Cuts

The signal here is institutional, not economic: a sitting Fed chair crediting the White House's economic record while still refusing the cuts it wants, and openly framing the president as only half right. That combination matters because it suggests the rate path is being set on the Fed's own read rather than in response to political pressure — the opposite of the deference markets sometimes price in. The open question is whether this arm's-length posture holds if the White House keeps pushing, since a widening gap between the two would itself become a market variable.