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The Federal Open Market Committee (FOMC) — a division of the Federal Reserve responsible for setting monetary policy — will soon meet again to evaluate the health of the economy and make key decisions regarding the federal funds rate.
These decisions impact not only how the economy functions as a whole but also everyday consumers, as they influence rates on savings accounts, credit cards, mortgages, and more.
Statements and forecasts released during FOMC meetings provide valuable information on the economic outlook. Knowing when the Fed meets to discuss monetary policy and make important decisions can help you get a snapshot of the economy's overall health and adjust your own financial strategy accordingly.
The FOMC holds eight regularly scheduled meetings per year. Its most recent meeting took place July 28-29, 2026. The next one is scheduled for Sept. 15-16.

#monetary #Health

By Noel Randewich
Sept 11 (Reuters) - Wall Street ended higher on Friday as oil prices retreated and strong consumer price data reinforced expectations the Federal Reserve will raise interest rates next week to fight ‌inflation.
AI server maker Dell soared 12% to a record high. Hewlett Packard Enterprise jumped 12% and HP gained ‌8.4% after Oracle's quarterly results topped estimates. Oracle dipped 1.8%.
U.S. consumer prices accelerated last month as the cost of gasoline rebounded after two straight monthly declines, adding pressure on the Fed to tighten monetary policy to fight inflation.
Interest rate futures now reflect a nearly 90% probability that the central bank will raise rates at its policy meeting on Wednesday, according to the CME FedWatch tool. That is up from a 72% likelihood on Thursday.

#raise #rates

Former Florida State forward Alex Steen suffered a setback in his effort to secure another season of college basketball eligibility, according to Chris Nee of Noles247. Leon County Circuit Court Judge David M. Frank denied Steen's verified emergency motion for a temporary and preliminary injunction on Friday, Sept. 11. Steen is suing the NCAA in an effort to obtain a fifth season of eligibility for the 2026-27 season.
Steen and attorneys representing both sides appeared before Frank for a hearing on Sept. 2. The former Seminole is part of the 2022 high school class and played four consecutive college seasons without redshirting. His lawsuit challenges his exclusion from the NCAA's new eligibility framework that provides five seasons of competition to athletes from the 2023 class and beyond.
Under Florida law, Steen needed to satisfy four requirements to receive a temporary injunction: a substantial likelihood of success on the merits, no adequate remedy at law, irreparable harm without an injunction, and a showing that granting relief would serve the public interest. Frank determined Steen had not met the necessary standard.
The court found Steen's claimed losses involving practices, workouts, team activities, recruiting conversations, and professional evaluation were not supported by sufficient evidence and remained speculative. Frank also wrote that potential lost NIL income could be measured financially and therefore addressed through monetary damages.
Frank additionally determined a temporary injunction would not serve the public interest, reasoning that granting one player another season could affect roster spots, playing time, scholarships, and revenue-sharing allocations for other athletes.

#steen #frank #eligibility

The public legal dispute between members of Selena Quintanilla's family has intensified. Abraham "A.B." Quintanilla III has officially sued his sister, Suzette Quintanilla-Arriago, over profits related to their famed sister's estate.
In a lawsuit filed on Sept. 10, and obtained by Rolling Stone, Quintanilla III seeks an unspecified amount in damages and monetary relief exceeding $1 million. The suit alleges that as the manager of Selena's estate, Quintanilla-Arriago has not provided A.B. "with a complete accounting of the ******* ets, liabilities, revenues, expenses, transactions, distributions, and net profits" and "failed or refused to pay [him] the full amount of net profits and proceeds due to him."
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#profits #arriago #filed

Good morning. Stocks were on track for their fourth day of declines on Thursday as investors watched long-dated bond yields amid surging oil prices ahead of this week's key inflation print.
The market has been pricing in a 62% chance of a Fed rate hike ahead of Fed policymakers' meeting next week.
Here's a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data.
The 2-year yield also gained 10 basis points during the session to 4.53% as traders adjust to the idea that monetary policy will stay "higher for longer."
The 10-year Treasury (^TNX) hovered near 4.91% while Brent crude futures (BZ=F) topped $105 per barrel amid continued Iran-US tensions in the Middle East.

#amid #finance

The dollar index (DXY00) recovered from a 2.5-week low on Wednesday and finished up by +0.06%. The dollar found support on Wednesday after WTI crude oil surged +3 % to a 3.25-month high, boosting inflation expectations and potentially persuading the Fed to tighten monetary policy. Also, short covering emerged in the dollar on Wednesday after the US Treasury announced it would purchase $6 billion of long-term US government debt securities on Thursday, below expectations of $10 billion. In addition, Wednesday's increase in the 10-year T-note yield to a 2.75-year high of 4.85% has strengthened the dollar's interest rate differentials.
The dollar initially moved lower on Wednesday amid strength in the yen after US Treasury Secretary Bessent challenged traders to test his resolve on strengthening the yen.
Dollar Slips on **** anese Yen Strength
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#wednesday #treasury #billion #dxy00

Gold has long served as a portfolio diversifier, often drawing renewed attention during periods of inflation, geopolitical uncertainty, and shifts in monetary policy. In recent years, gold has rallied sharply, reinforcing its reputation as both a store of value and a hedge against macroeconomic risk.
But gold's path has never been a straight line. While the metal has delivered strong returns in certain environments, it has also gone through extended stretches of sideways performance, contributing little to portfolio growth or income. That leaves investors with a familiar tradeoff: maintain gold exposure for its diversification benefits, or reallocate to ***** ets that can generate income along the way.
The NEOS Gold High Income ETF (IAUI) aims to combine gold's traditional store-of-value role with an income-generating options strategy, seeking to deliver high monthly income while preserving upside potential.
The fund's approach rests on two components:
Gold exposure: Up to 25% of the portfolio is allocated to low-cost physical gold ETPs, with the remaining 75% gained through synthetic exposure via GLD options, aiming to track gold's price movements directly. Limiting direct physical gold exposure to 25% also allows the fund to report taxes via Form 1099-DIV rather than a K-1, simplifying year-end tax reporting for investors.

#store

The move represents a sharp reversal from the yen's weakness earlier in the summer, when the USD/JPY approached 165 and forced **** anese authorities to intervene in the foreign-exchange market.
The latest appreciation is increasingly being driven by expectations that the Bank of **** an (BoJ) is preparing to raise interest rates at its September meeting, while investors are also reassessing the outlook for US monetary policy. The BoJ is scheduled to meet next Thursday and Friday, with markets now pricing in a high probability of a 25-basis-point increase. More importantly, investors will be looking for guidance on whether the central bank could accelerate the pace of subsequent tightening.
U.S. consumer-price data due on Friday will provide an important signal ahead of the Federal Reserve's September 15-16 meeting. The inflation figures have become particularly significant because the Fed's policy outlook remains unusually divided. Governor Christopher Waller has indicated that he could support keeping rates unchanged if inflation continues to moderate, while Fed Chair Kevin Warsh has stressed that insufficient progress on inflation could warrant tighter policy.
From a technical perspective, the weekly chart points to a clear deterioration in the USD/JPY trend. The pair has broken below its ascending trend structure and is trading beneath both the Tenkan-sen and Kijun-sen lines of the Ichimoku Cloud index. This suggests that the medium-term bullish structure has weakened. The weekly RSI has also fallen below the neutral 50 threshold and is moving lower, indicating that bearish momentum is becoming more established.
The fundamental backdrop is becoming increasingly challenging for the USD/JPY bulls because the interest-rate differential that supported the yen carry trade for years is gradually narrowing.

#Friday #rates

By Ankur Banerjee and Rocky Swift
SINGAPORE, Sept 8 (Reuters) - A blistering rally in the ******* anese yen ahead of an expected interest rate hike from the Bank of ******* an next week is upending the long-established and lucrative carry trade, as investors rethink the path ahead for the volatile currency.
Early hints of capital repatriation and expectations of a faster pace of monetary tightening by the BOJ along ‌with U.S. pressure are combining to boost the yen, which hit 40-year lows in July, triggering a joint U.S.-Japan intervention.
The spike is also spurring an unwinding of the popular carry trade, which involves borrowing yen ‌at a low cost to invest in other currencies and ******* ets offering higher yields, as traders brace for central bank meetings in ******* an and the U.S.
"The carry trade is vulnerable because this unwind is happening before the BOJ has even delivered its expected hike," said Charu Chanana, chief investment strategist at Saxo.

#bank

While President Donald Trump's tariffs have caused much heartburn on Wall Street, China's cheap and overwhelming exports have also been rippling through the global economy.
But the Chinese growth model is running out of road, setting the stage for another global economic crisis, according to Michael Froman, a former U.S. Trade Representative and current president of the Council on Foreign Relations.
Writing in Foreign Affairs last month, he warned "the world's ability to absorb Chinese overcapacity is approaching a breaking point."
For example, the International Monetary Funds estimated that global GDP growth is running around 3.1% this year, while China's trade surplus expanded more than 20% in early 2026. That's after China posted a $1.2 trillion trade surplus in 2025—the largest in recorded history—growing three times faster than global goods trade.
Now there's widespread pushback against the flood of Chinese exports. Most notably, Trump hiked tariffs on China last year and made it the centerpiece of his "Liberation Day" trade war. But even once-stalwart defenders of open markets, like the European Union, are racing to put up trade barriers against China.

#trade

This has been a history-packed year for Wall Street, with the Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) romping to new highs, and the largest-ever initial public offering taking shape. But the swearing in of Fed Chair Kevin Warsh on May 22 arguably takes the cake.
Jerome Powell's successor vowed to lead a reform-oriented central bank and hasn't veered from that promise over the last three months. Since taking the reins, Warsh has shelved forward-looking guidance from Federal Open Market Committee (FOMC) meeting statements and commissioned five task forces to aid the Fed in its conduct of monetary policy.
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Fed Chair Warsh just served up an inflation ultimatum for Wall Street. Image source: Official Federal Reserve Photo.
But the biggest task at hand for Warsh and the FOMC is tackling persistently high inflation. While delivering his first annual speech at the Jackson Hole economic symposium on Aug. 28, the new Fed chair completely shifted the central bank's entire focus on inflation in one sentence.

#warsh

The Bank of England must raise interest rates or risk losing market confidence, the central bank's chief economist has said.
In a speech in Edinburgh, Huw Pill said he was "uncomfortable" with holding interest rates steady to ******* s the impact of the Iran War. He warned that investors could lose faith in the Bank's ability to tackle inflation.
He said: "The danger exists that the market may lose confidence that expected Bank Rate increases will be implemented just at the time as it starts to entertain doubts that the MPC [Monetary Policy Committe] [sic] ability or willingness to bring inflation down to target."
The warning from Mr Pill comes after the Bank of England's Monetary Policy Committee (MPC) voted 6-3 to hold interest rates at 3.75pc in July. It was held despite inflation standing at 2.9pc, above the Bank's 2pc target.
Unlike the majority of his colleagues, Mr Pill voted to increase the bank rate to 4pc

#bank #inflation #market

US stock futures were broadly unchanged as investors ******* sed developments in the US-Iran conflict, the interest-rate outlook and corporate updates ahead of Friday's US labour market report.
By 03:50 ET, S&P 500 Futures were unchanged at 7,671.1 points. Nasdaq 100 Futures were also little changed at 29,211.25, while Dow Jones Futures stood at 53,195.
The moves followed a positive Wall Street session as US equities recovered from declines at the beginning of September. Attention remained focused on Friday's labour market data and its potential implications for Federal Reserve monetary policy.
Oil prices moved lower in Asian trading on Thursday after three consecutive sessions of increases as markets ******* sed developments in the US-Iran conflict.
Brent crude futures declined 0.4% to $95.25 a barrel, while WTI crude futures fell 0.2% to $90.80. Both contracts had gained almost 1% on Wednesday and reached their highest levels in approximately five weeks.

#futures #market

New York Federal Reserve President John Williams signaled Wednesday that he is open to raising interest rates at the Federal Open Market Committee's September 15-16 meeting, a shift from his previous stance favoring a hold on rates.
"There's no clear signs right now whether monetary policy currently is sufficient to make sure we bring inflation back to target in the next year or two, or whether you need to see further action to do that," Williams said in a "Squawk Box" appearance on CNBC, speaking with anchor Steve Liesman from the New York Fed's headquarters. He added that recent inflation data had been "encouraging" but that policymakers needed to consider a fuller picture of incoming information. He rounded out the thought by saying, "We've got to get a full picture and look at all the different pieces of information we have."
Williams, who holds a permanent seat on the FOMC, had until recently been among the Fed's most vocal defenders of keeping rates steady, according to MarketWatch. His comments Wednesday represented a notable shift in tone ahead of what markets consider a pivotal policy decision.
Williams also addressed the recent rise in Treasury yields, attributing it to economic strength rather than market dysfunction. "What's driving it, in large part, is really a strong U.S. economy and a strong economic outlook fueled by big investments in AI and data centers and technology in general," he said. He described inflation expectations as "well anchored" despite price pressures tied to tariffs and the Iran war.
Markets were pricing in roughly a two-in-three chance of a rate hike at the September meeting as of Wednesday morning, per CME Group figures cited by CNBC.

#wednesday #open

By Michael S. Derby
Sept 2 (Reuters) - Federal Reserve Bank of New York President John Williams said on Wednesday rising long-term bond yields aren't driven by inflation fears but are instead a reflection of a solid economy, in ‌comments that also said he was still collecting information to drive his next monetary policy decision.
In terms of the ‌increase in real-world borrowing costs, "what's driving it…is really a strong U.S. economy and a strong economic outlook fueled by big investments in AI and data centers and technology in general, so I see this as more of a reflection of the strength of the economy," Williams said on CNBC.
Williams downplayed the idea that worries over inflation are driving a surge in borrowing costs. Market moves have rattled investors and even prompted action by the Treasury Department aimed at helping limit the increase.
Williams indicated that higher borrowing costs, which in theory should create restraint on economic activity, ‌don't definitely drive the monetary policy choices of ⁠a central bank that must take responsibility for getting too-high levels of inflation back to the 2% target.

#williams

The punishment the NBA handed down to the Los Angeles Clippers for circumventing the league salary cap through no-show sponsorship deals signed by Kawhi Leonard is unprecedented in American professional sports.
The Clippers were stripped of five future first-round NBA Draft picks, received one-year suspensions for owner Steve Ballmer and president of business operations Gillian Zucker, and a six-month suspension for president of basketball operations Lawrence Frank. In addition, the Clippers and Ballmer were fined $30 million.
While the draft-pick penalty mirrors the initial penalty for the Minnesota Timberwolves when they developed a scheme to sign Joe Smith in 2000, two of those picks were eventually restored. And the $3.5 million fine is no comparison, even with inflation, to the monetary penalty for the Clippers.
But for David Samson, it still wasn't enough.
Appearing on The Dan Le Batard Show, the former Miami Marlins executive said the severity of the salary cap circumvention called for even harsher punishment, perhaps up to and including firing the executives in question and forcing Ballmer to sell the team.

#show #picks

Singapore's financial regulator has proposed regulatory changes that will ban stablecoins from paying yield to investors.
The Monetary Authority of Singapore is proposing to amend the "Payment Services Act" to effectively bar stablecoin issuers from paying any yield.
Stablecoins are cryptocurrencies whose value is pegged to an underlying **** et, typically the U.S. dollar.
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#yield

Good morning. Stocks slipped in early trading on Tuesday as long-dated bond yields rose and speculation of a rate hike this year grew.
Oil prices (CL=F) jumped after President Trump vowed to hit Iran "hard," stoking fears that above-target inflation will follow on the heels of a strong earnings season and prompt Federal Reserve officials to tighten monetary policy.
The 10-year Treasury (^TNX) yield hit its highest level since January 2025.
Here's a check of the markets in the first few minutes of trading on the first trading day of September, based on a heat map powered by Yahoo Finance AlphaSpace data.
Though September is historically the weakest month for stocks, software enters it on the heels of recent momentum, while much of the physical AI trade appears to be on the defensive.

#trading #Trump

The US bond market is experiencing an accelerating selloff that has pushed Treasury yields to their highest levels since early 2025, with the 10-year yield climbing to approximately 4.78%.
This selloff is being compounded by geopolitical tensions in the Middle East, where renewed military exchanges between the US and Iran have sent Brent crude (CBX26) above $91 per barrel, reigniting inflation fears and reinforcing expectations that major central banks will need to maintain or tighten restrictive monetary stances.
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#Stock #treasury

By Michael S. Derby
NEW YORK, Sept 1 (Reuters) - Federal Reserve Governor Michael Barr said on Tuesday that if inflation does ‌not cool quickly, it will be time for the U.S. ‌central bank to increase interest rates.
"Inflation remains too high — and has been for over five years," Barr said in the text of a speech prepared for delivery before the Second Chance Lending Forum.
Flagging the Fed's September 15-16 monetary policy meeting and the ******* e it gives officials to weigh policy ‌choices, Barr said, "If inflation appears ⁠not to be moderating sufficiently, then I think we should act decisively to raise rates."
"If trends in the ⁠data give me some confidence that inflation is moderating on a path to 2%, then I think we can take a bit more time to ******* s our policy stance," he added.

#inflation #rates #derby

Matt Entz is coaching at Fresno State, not Ohio State. He is coaching in the Football Bowl Subdivision's lower realm, not in its top tier, a point which will be magnified when Fresno State faces USC this Friday. Yet, as USA TODAY Sports reports, Entz is getting major investments and backing from his bosses and Fresno State football donors.
"Entz also is embracing the vision of his athletic director, Garrett Klassy, whose previous experience includes Alabama and Houston in upper-cabinet roles. Klassy's vision for Fresno's "Valley Co-Op" has Entz touting a "quadrupled" monetary investment into the Bulldogs' football roster and sees Klassy linking it to the region.
"'I needed coaches, I needed more boots on the street, for lack of a better term, because it couldn't just be myself, it couldn't just be our Bulldog Foundation staff out there,' Klassy says of the program, which he relates to the San Joaquin Valley's 3 million residents and agricultural roots. 'And the coaches, it's really resonated with the coaches, and we do have a lot of supporters that give to multiple programs. There's two areas where we can make up ground on the rest of the league and that's philanthropic giving. And that's corporate sponsorship, and so we need to grow those immensely. And we're going to announce a record fundraising year, which is $5 million more annually than it was the previous year. Corporate sponsorships with the jersey patches are almost across the finish line; we should be up $2 to $3 million in that area. Now that doesn't make a big difference in the SEC or Big Ten, but that makes a huge difference for us.'
Klassy envisions the 4,300-member Valley Co-Op swelling to 7,000 across the next year.
"Entz, meanwhile, wants Fresno football to live up to its billing as the region's top draw.

#valley

By Leika Kihara
ASHEVILLE, North Carolina, Aug 31 (Reuters) - U.S. Treasury Secretary Scott Bessent said he believes **** an's government and central bank will take action that leads to a stronger yen, CNBC ‌reported on Monday, signaling a strong chance of a Bank of **** an interest rate hike in ‌September.
The remarks followed those by Bessent on Sunday, when he told Reuters he expects BOJ Governor Kazuo Ueda to "do the right thing" on monetary policy to combat yen declines.
"I have information that the market doesn't have, and it's my belief that the **** anese government and the BOJ will do the things that will lead to a stronger yen," Bessent told CNBC in an interview during a Group of 20 finance leaders' gathering in Asheville, North Carolina.
When asked whether that meant raising ‌interest rates, Bessent said: "I think the market's ⁠pricing that in now."

#cnbc #bank

Global liquidity may matter more than the Fed's next rate decision for crypto markets in September, according to Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital.
In a note shared with Cryptoprowl, Ahuja said crypto could enter another period of volatility or consolidation next month, but said a pullback would not necessarily mark the beginning of a broader downturn. Instead, weaker prices could help reset positioning, which could leave markets in better shape for the fourth quarter.
"Monetary policy, inflation, global money supply, credit creation and financial conditions are becoming increasingly important to the direction of risk ****** ets," Ahuja wrote. "Crypto sits particularly close to that intersection because it trades globally, around the clock, and tends to respond quickly to changes in liquidity and risk appetite," he added.
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#cryptoprowl #next #markets #september

By David Lawder and Leika Kihara
ASHEVILLE, North Carolina, Sept 1 (Reuters) - U.S. Treasury Secretary Scott ‌Bessent called for sound monetary policy to ‌anchor inflation expectations and avoid excessive currency volatility during his meeting with Bank of **** an Governor Kazuo Ueda, the Treasury Department said on Tuesday.
The remarks, which underline Bessent's recent calls for the BOJ to raise interest ‌rates, reinforce the case ⁠for Ueda to argue for a hike at his bank's policy meeting on ⁠September 17-18.
The two officials met on Sunday on the sidelines of the G20 finance ministers' and central bank governors' meeting in Asheville, North Carolina, the Treasury Department ‌said in a statement.
"The Secretary emphasized the importance of sound formulation and communication of monetary policy to anchor inflation expectations and avoid excess exchange rate volatility," the statement said.

#carolina

Singapore's financial regulator has proposed regulatory changes that will ban stablecoins from paying yield to investors.
The Monetary Authority of Singapore is proposing to amend the "Payment Services Act" to effectively bar stablecoin issuers from paying any yield.
Stablecoins are cryptocurrencies whose value is pegged to an underlying ***** et, typically the U.S. dollar.
More From Cryptoprowl:
MEXC Launches Earn Plus With Limited-Time Event Offering Up to 800% APR Booster

#yield #authority #Services

Good morning. Stocks slipped in early trading on Tuesday as long-dated bond yields rose and speculation of a rate hike this year grew.
Oil prices jumped after President Trump vowed to hit Iran "hard," stoking fears that above target inflation will come on the heels of a strong earnings season and prompt Federal Reserve officials to tighten monetary policy.
The 10 year treasury yield hit its highest level since January 2025.
Here's a check of the markets in the first few minutes of trading on the first trading day of September, based on a heat map powered by Yahoo Finance AlphaSpace data.
Though September is historically the weakest month for stocks, software enters it on the heels of recent momentum, while much of the physical AI trade appears to be on the defensive.

#trading #stocks #tuesday

By Michael S. Derby
NEW YORK, Sept 1 (Reuters) - Federal Reserve Governor Michael Barr said on Tuesday that if inflation does ‌not cool quickly, it will be time for the U.S. ‌central bank to increase interest rates.
"Inflation remains too high — and has been for over five years," Barr said in the text of a speech prepared for delivery before the Second Chance Lending Forum.
Flagging the Fed's September 15-16 monetary policy meeting and the ***** e it gives officials to weigh policy ‌choices, Barr said, "If inflation appears ⁠not to be moderating sufficiently, then I think we should act decisively to raise rates."
"If trends in the ⁠data give me some confidence that inflation is moderating on a path to 2%, then I think we can take a bit more time to ***** s our policy stance," he added.

#inflation #time

Iranian President Masoud Pezeshkian acknowledged his country's economic woes amid pressure from the U.S., which is strangling its trade while protecting other countries' ships carrying oil through the Strait of Hormuz.
Recent weeks have seen Tehran lose leverage over the critical energy chokepoint as traffic picks up, especially via a southern route along Oman's coast. At the same time, warnings about Iran's economy from Pezeshkian and the regime's other relative moderates have been mounting.
In an interview with state media on Friday, he signaled defiance in the face of all the economic pressure and credited Iran's resilience to its unity.
"We have many problems," Pezeshkian said, according to a Google translation. "There's inflation, economic issues, employment and many other problems, but the people are with us."
Indeed, inflation has soared above 80%, with prices for certain food staples up 100%. The International Monetary Fund said in April Iran's economy will shrink 6.1% this year, the worst contraction in decades. And a labor ministry official estimated that more than 1 million jobs had been lost by late May.

#pressure #problems #inflation

Federal Reserve Chairman Kevin Warsh delivered exactly what Wall Street was clamoring for this week: drawing a line in the sand against inflation while offering clarity on how the central bank would respond to rising prices.
Harvard professor and former chief economist of the International Monetary Fund, Ken Rogoff, said Warsh made it clear that if the inflation data didn't improve, he's going to hike interest rates.
"That surprised me because my layman political economic view of the situation was that if the Fed could possibly put that off until after the midterms, it would be good for the Fed as an institution," Rogoff said in an interview.
"By hiking, they demonstrate independence. On the other hand, democracy is under ******* ault, and if he hikes rates, you just don't know what the consequences are going to be."
Rogoff predicts that if the Fed raises rates at its September policy meeting, the central bank will face fierce backlash from President Trump. Following Warsh's speech, market odds for a September rate hike surged to 60%, up from 35% the previous day.

#warsh #september #bank

Federal Reserve Chairman Kevin Warsh delivered exactly what Wall Street was clamoring for this week: drawing a line in the sand against inflation while offering clarity on how the central bank would respond to rising prices.
Harvard professor and former chief economist of the International Monetary Fund, Ken Rogoff, said Warsh made it clear that if the inflation data didn't improve, he's going to hike interest rates.
"That surprised me because my layman political economic view of the situation was that if the Fed could possibly put that off until after the midterms, it would be good for the Fed as an institution," Rogoff said in an interview.
"By hiking, they demonstrate independence. On the other hand, democracy is under ***** ault, and if he hikes rates, you just don't know what the consequences are going to be."
Rogoff predicts that if the Fed raises rates at its September policy meeting, the central bank will face fierce backlash from President Trump. Following Warsh's speech, market odds for a September rate hike surged to 60%, up from 35% the previous day.

#going