# Trump's Fed chair just blamed him for inflation

> Kevin Warsh's coded language about tariffs and geopolitics was a subtle but clear indictment of the president who appointed him.
- Title: Trump's Fed chair just blamed him for inflation | Shortify
- Summary: Kevin Warsh's coded language about tariffs and geopolitics was a subtle but clear indictment of the president who appointed him. Trump's tariffs and military…
- Keywords: federal reserve, kevin warsh, donald trump, interest rates, inflation, tariffs, iran, monetary policy, rate hike, economic policy, Trump's, Fed
- Source: Slate Magazine — https://slate.com/news-and-politics/2026/09/federal-reserve-interest-rates-inflation-trump-kevin-warsh.html?via=rss
- Author: Ian Prasad Philbrick
- Published: 2026-09-16T21:24:27.554+00:00
- Read time: 2 min
- Topics: federal reserve, kevin warsh, donald trump, interest rates, inflation, tariffs, iran, monetary policy, rate hike, economic policy
## Fed raises rates for first time since 2023
The Federal Reserve voted unanimously to raise interest rates by a quarter point to the 3.75 to 4 percent range, citing stubbornly high inflation that has persisted for over five years.
## Warsh uses code words to blame Trump
Fed chair Kevin Warsh, Trump's own nominee, repeatedly mentioned geopolitics, hot spots around the world, and commodity prices. These were clear references to Trump's tariffs and Iran conflict.
## Trump's tariffs and Iran war drive prices up
The Iran conflict has disrupted Middle Eastern oil transit, raising gas prices. Trump's trade war has increased costs for imported goods. Inflation had been falling before Trump took office.
## Higher rates slow the economy but help inflation
Interest rate increases make borrowing more expensive, which reduces spending and economic growth. This fights inflation but makes it harder for voters to afford cars and jobs.
## Trump has pressured the Fed to cut rates
Trump launched a sham criminal investigation of the previous Fed chair, tried to fire a Biden appointee, and appointed Warsh hoping he'd lower rates. He wants rates at 1 percent or less.
## Even Warsh thinks rate hikes are necessary
Despite previously supporting lower rates, Warsh's recent remarks made clear that even Trump's handpicked Fed chair believes raising rates is the right move to combat inflation.
## More rate hikes likely coming this year
Fed officials expect inflation to stay elevated until 2029 and predict another rate hike this year. If the Iran war worsens or Trump adds more tariffs, prices could soar even higher.

> Inflation is a choice.
## Trump's political problem deepens
Midterm elections are already shaping up to be rough for Trump's party. Higher interest rates make borrowing costlier, which voters hate. Trump is caught between fighting inflation and protecting his political prospects.
## Key takeaway

Trump's tariffs and military actions are driving up prices, but he's pressuring the Fed to lower rates anyway, creating a political bind for his handpicked chair.