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Trump: I'd have voted no on the Fed's latest hike, but I'm not blaming Warsh

Kalbir Talwar
Published Oct 1, 2026
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Summary:
  • In an interview with Time, Trump said that, in his view, Kevin Warsh, the Federal Reserve chairman, ought to have voted no on last month's rate hike, though he emphasized he doesn't fault Warsh for the decision.
  • The Fed unanimously lifted rates by a quarter percentage point last month and penciled in another hike later this year to contain inflation.
  • Trump called the board "very hostile" and "political," and later said he wants Warsh to "vote the way he wants."

What Trump said, and why

In an interview published Thursday, President Donald Trump/) said, "I don't blame Kevin Warsh. I probably would have voted against the board if I were him." Asked about it later the same day, he added that he wants Warsh to "vote the way he wants." Trump argued that "the problem is interest rates will hurt our growth," and he pinned today's inflation on his predecessor, Joe Biden.

He also told Warsh directly, "It's become very political. I don't blame you, Kevin. I think it's too bad. Not fair."

Where Fed policy stands

Despite Trump's push for lower borrowing costs, the central bank increased its benchmark rate by 0.25 percentage point last month in a unanimous decision, and signaled one more move this year aimed at reining in inflation. Trump criticized Jerome Powell, Warsh's predecessor, for not pushing harder to cut rates, while insisting he still has confidence in his chosen chair. The president instead faulted what he described as a politically driven board.

The politics around the board

Trump claimed, "We have a very hostile board, and the board says, 'We want to hurt Trump.' They're not doing this for you. They're doing this because they have Trump derangement syndrome." He cast the dispute as less about Warsh himself and more about a group dynamic he believes is stacked against him.

When policy debates swirl, patient habits matter; download the free Always Be Buying E-Book to learn a simple system

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