{"id":225,"date":"2026-06-17T22:37:19","date_gmt":"2026-06-17T22:37:19","guid":{"rendered":"https:\/\/homemovechronicle.com\/?p=225"},"modified":"2026-06-17T22:37:19","modified_gmt":"2026-06-17T22:37:19","slug":"trump-gave-his-fed-pick-one-job-about-that","status":"publish","type":"post","link":"https:\/\/homemovechronicle.com\/?p=225","title":{"rendered":"Trump Gave His Fed Pick One Job. About That \u2026"},"content":{"rendered":"
\n

It\u2019s been a big day for your wallet\u2014and maybe your democracy, too.<\/p>\n

Back up! What happened?<\/strong><\/p>\n

The Federal Reserve left interest rates between 3.5 and 3.75 percent, where they\u2019ve been since last year. It did so because Fed officials are worried about stubborn inflation, which spiked to a three-year high after Trump attacked Iran.<\/p>\n

Read more The Text of Trump\u2019s Iran Deal Is Out. It\u2019s Worse Than I Thought.<\/a><\/p>\n

OK\u2026so you\u2019re telling me interest rates are staying the same? Thanks for wasting my time.<\/strong><\/p>\n

Give me a little credit! The bigger news is that almost every Fed official who gets to vote on setting interest rates thinks they\u2019re likely to stay high this year\u2014and half expect them to go higher.<\/p>\n

What does that have to do with my wallet?<\/strong><\/p>\n

\n
<\/div>\n<\/div>\n

Higher interest rates make it costlier to borrow money, which acts as a brake on spending, employment, and economic growth. Think of it as tough medicine the Fed can administer to help control inflation. So keeping interest rates higher for longer means getting a business loan, a mortgage, and even a job may be harder for the foreseeable future.<\/p>\n

Bummer. But what does this have to do with American democracy?<\/strong><\/p>\n

As is often the case these days, it goes back to Donald Trump. The president wants the Fed to lower rates, even though his policies (including but not limited to the war in Iran) are a big reason they remain elevated. He thinks Democrats are ginning up Americans\u2019 concerns about affordability to hurt him and he wants to juice the economy. And as he often does when he wants something, Trump is going places no previous president would. He tried to browbeat the previous Fed chair, Jerome Powell, into lowering rates. When that didn\u2019t work, his administration launched a nakedly pretextual criminal investigation into Powell.<\/p>\n

\n<\/div>\n

As I remember it, the administration dropped that investigation in exchange for getting a new chair confirmed.<\/strong><\/p>\n

Right. The new chair Trump nominated, Kevin Warsh, is now in charge. Trump seems to have picked Warsh, a longtime Fed official, because he has been advocating lower interest rates for a while.<\/p>\n

Then why didn\u2019t rates come down today?<\/strong><\/p>\n

The Fed makes decisions by committee. And that committee agreed that lowering rates with inflation still running hot is a bad idea\u2014no matter what the president thinks.<\/p>\n

So is this good news?<\/strong><\/p>\n

So far, yes. A Fed that acts independently from the White House, most experts agree, is a good thing because it lets the central bank make economically necessary but politically painful decisions, like raising interest rates to tame inflation. But if rates stay high, Trump could redouble his efforts to trample on the central bank\u2019s independence.<\/p>\n

Read more The Dumbest Way Pete Hegseth Is Draining the Military<\/a><\/p>\n

How has he reacted so far?<\/strong><\/p>\n

Trump was initially dismissive. But when a reporter noted that rates might go even higher this year, the president sounded piqued. \u201cIt just keeps a country down,\u201d he said. And while he added that \u201cwe have a very good guy over there now,\u201d referring to Warsh, Trump was also the president who nominated Powell\u2014only to try to put him in prison after he refused to knuckle under. So Warsh might want to watch out. It doesn\u2019t take an economist to do that math.<\/p>\n

OK! It\u2019s fork-in-the-road time for the rest of the day. Here are some great options for evening entertainment.<\/strong><\/p>\n

What about a movie to look forward to? <\/strong>I was skeptical that the world needed a fifth<\/em> installment of the Toy Story <\/em>franchise, but then I read Dana Stevens\u2019 write-up of a film that \u201cwrestles with an existential threat to the franchise\u2014and triumphs.\u201d The movie comes out on Friday.<\/p>\n

Or a personal essay that\u2019ll leave you with plenty to think about? <\/strong>Writer Sammi LaBue explains that millennials were sold a fantasy about consequence-free consumption of marijuana, but new research suggests it\u2019s all more complicated. The piece isn\u2019t an anti-drug screed (anyone who went through D.A.R.E. has heard enough of those for a lifetime) but a plea to approach the new world of weed with your eyes open.<\/p>\n

Perhaps a break for your eyes and a treat for your ears? <\/strong>Today I learned about the \u201cTootsie Shot,\u201d a famous and often-used mini-scene that features a busy midtown street with everyone going somewhere\u2014and the protagonist smack in the middle. It\u2019s been used in famous movies including Working Girl, Midnight Cowboy, Wall Street, Heartburn, Elf, Bridget Jones\u2019s Diary, The Devil Wears Prada, <\/em>and The Wolf of Wall Street. <\/em>But it\u2019s typically only a few seconds long, so why is it so ubiquitous, influential, and memorable? Slate\u2019s Decoder Ringpodcast breaks it down.<\/p>\n

How about another can\u2019t-miss podcast? <\/strong>Slate\u2019s ICYMI podcast has a great episode today about how apps such as Instagram, Substack, and Spotify are making the leap from smart phones to smart TVs. It\u2019s changing what you see on TV, and what your TV knows about you.<\/p>\n

And why, yes, we do have more World Cup for you. <\/strong>Ghana and Panama play at 7 Eastern, while Colombia and Uzbekistan face off at 10. And you\u2019d probably also enjoy watching the replay of England\u2013Croatia, a game that\u2019s absolutely stacked with top talent. Even if you\u2019re not into soccer, don\u2019t miss this essay from Jeremy Stahl about Iran\u2019s national team and how it has divided the Iranian diaspora.<\/p>\n

Read more The Supreme Court Will Decide Whether ICE Can Hold People Indefinitely. We Should All Be Worried.<\/a><\/p>\n

That\u2019s all for us. Have a worthwhile evening.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The president wants interest rates lowered. Kevin Warsh isn\u2019t complying. Here we go again.<\/p>\n","protected":false},"author":1,"featured_media":224,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[158],"tags":[],"class_list":["post-225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-slatest"],"yoast_head":"\nTrump Gave His Fed Pick One Job. About That \u2026 - Home Move Chronicle<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/homemovechronicle.com\/?p=225\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Gave His Fed Pick One Job. 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