This is a clear message to President Trump to end the war. I did not expect all 12 Fed Presidents to agree on a hike. They know that 25bps won’t do much, but by being united in the decision, even the doves, they are telling the President that our mandate is to bring inflation down. Either Trump will do it by ending the war and getting oil (which is 75% of the increase in CPI) to come down or the Fed will do it by forcing an economic slowdown with more rate hikes and to ruin Trump’s Golden Age. It’s up to President Trump now.
