The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →President Donald Trump reportedly criticized the Federal Reserve after it raised interest rates on September 16, 2026, while saying he did not blame Chair Kevin Warsh. The increase was a unanimous decision by the 12-member Federal Open Market Committee (FOMC), not a rate change Warsh made alone.
What Trump reportedly said about Kevin Warsh
In an October 6 report, The Motley Fool attributed this remark to Trump in a recent TIME interview: “It’s a problem because we have a very hostile Fed board. I don’t blame Kevin Warsh. I probably would have voted against the board if I were him.” The wording and context here are as reported by The Motley Fool; the original TIME interview has not been independently verified.
The report characterized the comment as a subtle jab. In practical terms, Trump criticized the Fed while suggesting Warsh might have opposed the board’s decision. That is a characterization of the reported remark, not an official statement from the Fed or the White House.
What the Fed decided on September 16
The FOMC voted 12–0 to raise its federal funds target range by 0.25 percentage point, setting it at 3.75%–4.00%. The Fed’s September 16 statement said inflation remained elevated and described the increase as supporting a timelier return to the Committee’s 2% inflation goal.
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The vote matters for understanding the politics around the decision: it was unanimous, not a split vote with Warsh on one side and other officials on the other. The Fed’s official roster identifies Warsh as FOMC chair, and the Committee has 12 members. Its membership includes the Board of Governors, the president of the Federal Reserve Bank of New York, and a rotating group of other Reserve Bank presidents. See the Fed’s FOMC information and membership.
Why an interest-rate increase can affect personal finances
The federal funds rate is a policy rate, not the interest rate every household pays. But changes to it can influence other short- and long-term rates, credit conditions, foreign exchange rates, employment, output and prices, according to the Federal Reserve. The effect on any particular borrower or saver depends on the product, lender and broader economic conditions; the September decision does not by itself establish what an individual will pay.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the decision does—and does not—say about future rates
The FOMC’s statement explains the September increase in terms of elevated inflation and the Committee’s 2% goal. It does not say that tariffs, the Iran conflict or energy prices caused the decision, and it does not promise another increase or rule out a cut. Those broader causal claims and forecasts should not be treated as official Fed findings.
The next scheduled FOMC meeting after the September decision is October 27–28, 2026, according to the Fed’s meeting calendar. The scheduled dates do not indicate what the Committee will decide.
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