{"id":65953,"date":"2026-09-17T01:28:46","date_gmt":"2026-09-17T01:28:46","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=65953"},"modified":"2026-09-17T03:09:11","modified_gmt":"2026-09-17T03:09:11","slug":"warsh-hikes-while-trump-fumes","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/","title":{"rendered":"Warsh Hikes While Trump Fumes"},"content":{"rendered":"<h4>Key Points<\/h4>\n<ul>\n<li>The FOMC voted unanimously to hike the Fed funds rate by 25 basis points to a target range of 3.75% to 4.00%.<\/li>\n<li>President Trump criticized the FOMC decision, demanding that the Fed slash interest rates to &#8220;1% or less&#8221; on Truth Social.<\/li>\n<li>Backing a rate hike was a politically brave move by the new Fed Chair, Kevin Warsh, as it will likely sour his relationship with the President.<\/li>\n<li>The Fed hike likely avoided a sharp spike in long-term Treasury yields as the bond market was growing restless over loose monetary and fiscal policy.<\/li>\n<\/ul>\n<hr \/>\n<p>Fed Chair Kevin Warsh cemented his reputation as an inflation hawk, voting in support of a unanimous FOMC decision to hike the Fed funds rate by 25 basis points to a target range of 3.75% to 4.00%.<\/p>\n<p>President Trump condemned the move, demanding on Truth Social that the Fed slash interest rates to &#8220;1% or less.&#8221;<\/p>\n<p>&#8220;We are &#8216;carrying&#8217; almost every country in the World, and that cannot go on any longer,&#8221; Trump wrote in a Truth Social post.<\/p>\n<p>&#8220;LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!&#8221; he wrote. (<a href=\"https:\/\/www.cnbc.com\/2026\/09\/16\/trump-fed-interest-rate-warsh.html\">CNBC<\/a>)<\/p>\n<p>Updated dot plot projections show a strong majority of Fed officials expect another rate hike this year. Warsh did not submit a projection, but 16 of 18 participants expected at least one more rate hike in 2026, of which 4 projected 2 hikes.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png?resize=525%2C453&#038;ssl=1\" alt=\"FOMC Dot Plot\" width=\"525\" height=\"453\" \/><\/p>\n<p>The 2-year Treasury yield climbed to 4.73%, pricing in 3 further rate hikes.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-16-us2y.png?resize=525%2C332&#038;ssl=1\" alt=\"2-Year Treasury Yield (CNBC)\" width=\"525\" height=\"332\" \/><\/p>\n<p>10-year Treasury yields held firm at 5.0%.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-16-tnx.png?resize=525%2C404&#038;ssl=1\" alt=\"10-Year Treasury Yield\" width=\"525\" height=\"404\" \/><\/p>\n<p>A failure of the Fed to act would likely have caused a bond sell-off, with the 10-year yield spiking upwards, reflecting bond market disappointment with perceived lax monetary and fiscal policy.<\/p>\n<p>Long-term yields will likely still rise, but at a more measured pace than if the Fed&#8217;s commitment to stable prices were in doubt.<\/p>\n<p>The Fed Chair gave three factors that are driving long-term yields higher:<\/p>\n<ol>\n<li>The economy is strengthening and at close to full employment;<\/li>\n<li>Increased competition for capital as AI hyperscalers seek to fund capital spending; and<\/li>\n<li>Geopolitical instability.<\/li>\n<\/ol>\n<p>He did not mention lax fiscal policy, with $40 trillion of federal debt and annual deficits approaching $2 trillion a year, which we consider a fourth factor driving higher yields.<\/p>\n<h2>Conclusion<\/h2>\n<p>We may have misread the new Fed Chair as a &#8220;political animal.&#8221; He has delivered on his commitment to fight inflation despite opposition from President Trump. In doing so, he has likely placated the bond market, which was driving long-term yields higher. We still expect long-term rates to rise, but at a more measured pace.<\/p>\n<blockquote><p>\u201cThe era of free money is definitely over,\u201d Kim Crawford, fixed-income portfolio manager at JPMorgan Asset Management, told the Financial Times today. \u201cThe bond market is looking for discipline.\u201d<\/p><\/blockquote>\n<p>We expect further rate hikes if the economy continues to grow faster than existing capacity allows, fueling increased inflationary pressure.<\/p>\n<p>Credit growth above 4.0% is not consistent with low inflation. A 4.0% target would be consistent with the 2.3% projected real GDP growth and 1.7% inflation (below the Fed&#8217;s 2.0% target).<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-16-bankcredit.png?resize=525%2C372&#038;ssl=1\" alt=\"Bank Credit Growth\" width=\"525\" height=\"372\" \/><\/p>\n<h4>Acknowledgments<\/h4>\n<ul>\n<li>CNBC: <a href=\"https:\/\/www.cnbc.com\/quotes\/US2Y\">2-Year Treasury Yield<\/a><\/li>\n<li>Federal Reserve of St. Louis: <a href=\"https:\/\/fred.stlouisfed.org\/\">FRED Data<\/a><\/li>\n<li>CNBC: <a href=\"https:\/\/www.cnbc.com\/2026\/09\/16\/fed-rate-decision-september-2026.html\">Fed approves interest rate hike, signals one more to come this year<\/a><\/li>\n<li>CNBC: <a href=\"https:\/\/www.cnbc.com\/2026\/09\/16\/trump-fed-interest-rate-warsh.html\">Trump says he still has confidence in Fed Chair Warsh, demands 1% or lower interest rates<\/a><\/li>\n<li>Federal Reserve: <a href=\"https:\/\/www.federalreserve.gov\/newsevents.htm\">FOMC Press Conference<\/a><\/li>\n<li>Federal Reserve: <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20260916b.htm\">FOMC Projections<\/a><\/li>\n<li>Reuters: <a href=\"https:\/\/www.reuters.com\/business\/warshs-words-may-matter-more-than-anticipated-fed-rate-hike-2026-09-16\/\">Fed raises rates in search of &#8216;timelier&#8217; drop in inflation, sees more tightening ahead<\/a><\/li>\n<li>Grant&#8217;s Daily: <a href=\"https:\/\/www.grantspub.com\/almostDailyHTML.cfm?dcid=1975&#038;article=2\">No Time Like the Present<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key Points The FOMC voted unanimously to hike the Fed funds rate by 25 basis points to a target range of 3.75% to 4.00%. President Trump criticized the FOMC decision, demanding that the Fed slash interest rates to &#8220;1% or less&#8221; on Truth Social. Backing a rate hike was a politically brave move by the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Warsh Hikes While Trump Fumes&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,34],"tags":[69,4808,5782,1353,5516,7143,7132],"class_list":["post-65953","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-us-canada-countries-regions","tag-10-year-treasury-yield","tag-2-year-treasury-yield","tag-bank-credit-growth","tag-fed-funds-rate","tag-fomc-dot-plot","tag-kevin-warsh","tag-president-trump"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Warsh Hikes While Trump Fumes - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Warsh Hikes While Trump Fumes - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Key Points The FOMC voted unanimously to hike the Fed funds rate by 25 basis points to a target range of 3.75% to 4.00%. President Trump criticized the FOMC decision, demanding that the Fed slash interest rates to &#8220;1% or less&#8221; on Truth Social. Backing a rate hike was a politically brave move by the &hellip; Continue reading &quot;Warsh Hikes While Trump Fumes&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-17T01:28:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-17T03:09:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Warsh Hikes While Trump Fumes\",\"datePublished\":\"2026-09-17T01:28:46+00:00\",\"dateModified\":\"2026-09-17T03:09:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/\"},\"wordCount\":563,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2026\\\/2026-09-16-dotplot.png\",\"keywords\":[\"10-Year Treasury Yield\",\"2-Year Treasury Yield\",\"Bank Credit Growth\",\"Fed funds rate\",\"FOMC Dot Plot\",\"Kevin Warsh\",\"President Trump\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/\",\"name\":\"Warsh Hikes While Trump Fumes - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2026\\\/2026-09-16-dotplot.png\",\"datePublished\":\"2026-09-17T01:28:46+00:00\",\"dateModified\":\"2026-09-17T03:09:11+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2026\\\/2026-09-16-dotplot.png\",\"contentUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2026\\\/2026-09-16-dotplot.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2026\\\/09\\\/17\\\/warsh-hikes-while-trump-fumes\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Warsh Hikes While Trump Fumes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/thepatientinvestor.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/thepatientinvestor.com\\\/wp-content\\\/uploads\\\/2026\\\/03\\\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/profile.php?id=61572934660810\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\",\"name\":\"Colin Twiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g\",\"caption\":\"Colin Twiggs\"},\"description\":\"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events.\",\"sameAs\":[\"https:\\\/\\\/facebook.com\\\/people\\\/The-Patient-Investor\\\/61572934660810\\\/\",\"https:\\\/\\\/www.instagram.com\\\/colin_thepatientinvestor\",\"https:\\\/\\\/au.linkedin.com\\\/in\\\/colintwiggs\"],\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/author\\\/investor\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Warsh Hikes While Trump Fumes - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Warsh Hikes While Trump Fumes - the patient investor","og_description":"Key Points The FOMC voted unanimously to hike the Fed funds rate by 25 basis points to a target range of 3.75% to 4.00%. President Trump criticized the FOMC decision, demanding that the Fed slash interest rates to &#8220;1% or less&#8221; on Truth Social. Backing a rate hike was a politically brave move by the &hellip; Continue reading \"Warsh Hikes While Trump Fumes\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2026-09-17T01:28:46+00:00","article_modified_time":"2026-09-17T03:09:11+00:00","og_image":[{"url":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png","type":"","width":"","height":""}],"author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Warsh Hikes While Trump Fumes","datePublished":"2026-09-17T01:28:46+00:00","dateModified":"2026-09-17T03:09:11+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/"},"wordCount":563,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png","keywords":["10-Year Treasury Yield","2-Year Treasury Yield","Bank Credit Growth","Fed funds rate","FOMC Dot Plot","Kevin Warsh","President Trump"],"articleSection":["Banks &amp; Interest Rates","US &amp; Canada"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/","name":"Warsh Hikes While Trump Fumes - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#primaryimage"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png","datePublished":"2026-09-17T01:28:46+00:00","dateModified":"2026-09-17T03:09:11+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#primaryimage","url":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png","contentUrl":"https:\/\/www.incrediblecharts.com\/images\/2026\/2026-09-16-dotplot.png"},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/17\/warsh-hikes-while-trump-fumes\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Warsh Hikes While Trump Fumes"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454","name":"Colin Twiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","caption":"Colin Twiggs"},"description":"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-h9L","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":65787,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/08\/31\/warsh-hawkish-but-wont-hike\/","url_meta":{"origin":65953,"position":0},"title":"Fed&#8217;s Warsh Hawkish But Won&#8217;t Hike","author":"Colin Twiggs","date":"August 31, 2026","format":false,"excerpt":"Key Points Fed Chair Kevin Warsh's keynote speech at Jackson Hole had a distinct hawkish tone. Financial markets responded with a sharp jump in the 2-year Treasury yield to 4.36%. However, Warsh's hands are tied by political considerations, and no rate hike is likely. We are convinced that the FOMC\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"2-Year Treasury Yield (CNBC)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-28-us2y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-28-us2y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-08-28-us2y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":64970,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/06\/18\/fed-keeps-rates-steady-but-stocks-fall\/","url_meta":{"origin":65953,"position":1},"title":"Fed Keeps Rates Steady But Stocks Fall","author":"Colin Twiggs","date":"June 18, 2026","format":false,"excerpt":"Key Points The new Fed Chair, Kevin Warsh, announced the FOMC would leave rates unchanged. Financial markets reacted to the meeting's hawkish tone, with the 2-year Treasury yield climbing to 4.17%. Inflation has been above the Fed's 2.0% target for more than 5 years, and inflationary pressures are growing. Kevin\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Fed Chair Kevin Warsh","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/kevin-warsh.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":65920,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/09\/15\/fed-rate-hike-else-10-year-ust-spike\/","url_meta":{"origin":65953,"position":2},"title":"Fed Rate Hike Else 10-Year Treasury Spikes","author":"Colin Twiggs","date":"September 15, 2026","format":false,"excerpt":"Key Points Brent Crude increased to $107 per barrel as the war with Iran escalates. Robin Brooks says that a rate hike at this week's FOMC meeting is \"a foregone conclusion.\" Rate hikes are necessary, but the new Fed Chair will struggle to convince President Trump. A failure to hike\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Brent Crude Futures (ICE November'26)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-14-brent-nov26.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-14-brent-nov26.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-09-14-brent-nov26.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":62459,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/09\/18\/62459\/","url_meta":{"origin":65953,"position":3},"title":"Powell walks the tightrope with the latest FOMC decision","author":"Colin Twiggs","date":"September 18, 2025","format":false,"excerpt":"Key Points The Fed cut rates by 25 basis points, with two more expected this year. There is no change to the rate of Fed balance sheet runoff (QT). FOMC dot plot projections reflect a mildly dovish long-run monetary policy, but not sufficient to antagonize the bond market. Chair Jerome\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"FOMC Projections","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-17-fomc.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":64294,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/04\/30\/crude-up-gold-down\/","url_meta":{"origin":65953,"position":4},"title":"Crude Up, Gold Down","author":"Colin Twiggs","date":"April 30, 2026","format":false,"excerpt":"Key Points President Trump rejects Iran's proposal to reopen the Strait and discusses an extended US naval blockade. Brent crude futures (June'26) jump to more than $120 per barrel. The Fed kept interest rates on hold in Jerome Powell's last FOMC meeting as Fed Chair. Powell says he will stay\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Brent Crude Futures (ICE June'26)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-04-29-brent2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-04-29-brent2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-04-29-brent2.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":64885,"url":"https:\/\/thepatientinvestor.com\/index.php\/2026\/06\/08\/what-if-warsh-cuts-rates\/","url_meta":{"origin":65953,"position":5},"title":"What if Warsh Cuts Rates?","author":"Colin Twiggs","date":"June 8, 2026","format":false,"excerpt":"Listening to Lawrence Lepard, author of The Big Print, in an interview with Adam Taggart, got me thinking: what if financial markets have it wrong? https:\/\/youtu.be\/gVgcht8Q6mM?si=7AMzyYhaWt3ZJwLE The new Fed Chair, Kevin Warsh, is widely viewed as a conservative who will focus on shrinking the Fed's balance sheet. Financial markets have\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"2-Year Treasury Yield (CNBC)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-06-08-2y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-06-08-2y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2026\/2026-06-08-2y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/65953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=65953"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/65953\/revisions"}],"predecessor-version":[{"id":65961,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/65953\/revisions\/65961"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=65953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=65953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=65953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}