Fed Review: FOMC Hikes Rates in a Unanimous Decision

In this paper, we discuss:

• Why the Fed unanimously raised rates by 25bps;
• How persistent inflation, stronger economic data and geopolitical risks drove the hike;
• Why another rate hike in December remains likely despite limited forward guidance;
• How Warsh’s hawkish message pushed Treasury yields and the dollar higher.

Download PDF: Fed Review – September 2026