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Trump vs. the Fed Timeline 2026: Warsh, Rate Hikes, and the Pressure Campaign
8 reports since 2026-04-23 · Updated 2026-09-23
Where It Stands
As of 2026-09-23- Trump replaced Jerome Powell with Kevin Warsh in May on the expectation of rate cuts.
- The Fed raised rates 25bp to 3.75–4.00% on September 16 — its first hike in over three years — by a 12–0 vote that included Warsh. Trump called the Board “very hostile and very political” and said he had told Warsh to vote with the board.
- Trump’s September 4 ultimatum — cut rates or he stops trading with deficit countries — has now come due without being executed.
Timeline
September 2026
32026-09-17
The Fed Hiked — Unanimously, Including Trump’s Own Chair. Trump’s Defense: He Told Warsh How to Vote.
Dollar ↑US Political Risk ↑Gold ↓2026-09-05
Cut Rates or I Halt Trade: Trump Takes His Own Trade Policy Hostage to Pressure the Fed
Equities ↓Dollar ↓Canada Trade Risk ↑2026-09-01
Trump Replaced the Fed Chair to Get Cuts. His Own Pick Just Signaled a Hike.
Financial ↓Dollar ↓Gold ↑
August 2026
1June 2026
12026-06-17
Trump’s Rate-Cut Pick Just Walked Into a Rate-Hike Meeting
Equities ↓Gold ↓Financials ↑
May 2026
22026-05-26
Trump Picked Warsh to Cut Rates. What Happens If Warsh Has to Raise Them?
Bonds / Rates ↑Gold ↑Dollar ↓2026-05-01
Powell Breaks 78-Year Precedent: Stays as Fed Governor After Chair Term Ends
Financial ↓Gold ↑Tech / AI ↓