Fed rate hike September 2026. Kevin Warsh raised rates and won't call conditions restrictive. Danielle DiMartino Booth on what that lands on.

The Federal Reserve raised its benchmark rate a quarter point to 3.75% to 4% on September 16, unanimously, with 12 of 18 officials projecting at least one more increase this year. Chair Kevin Warsh called it removing "a dose of accommodation" rather than tightening, and said he'd be hard pressed to describe financial conditions as restrictive.

Danielle DiMartino Booth, founder of QI Research and a former advisor at the Federal Reserve Bank of Dallas, argues the opposite. She says US small business bankruptcies are up 64% year over year through August, that more than 200 companies have closed every month for five months running, and that 57% of Americans who took cash out refinancing in Q2 accepted a higher mortgage rate to do it.

On the data behind the decision, she says the seasonal adjustments at the Bureau of Labor Statistics are "clearly broken" and the official numbers are "at best misleading."

On where that leaves investors, she says that whenever there is stress in credit markets, the only place you can hide with any certainty is precious metals.

Recorded September 16, 2026

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00:00 The Fed Just Hiked for the First Time in Three Years

01:26 Why Warsh Calling It "a Dose of Accommodation" Spooked Markets

03:03 Would the Fed Really Hike Again Days Before the Election

05:07 The Retail Sales Number That Isn't What It Looks Like

07:31 The Warning Shot Aimed at the Treasury

09:18 Small Business Bankruptcies Are Up 64%

11:00 The Fed and Main Street Are Looking at Two Different Economies

12:00 How a Margin Squeeze Becomes a Layoff

12:45 What This Hike Costs a Household This Week

16:15 The Only Place She Says You Can Hide With Any Certainty

17:37 Why She Says the Jobs Data Is Broken

19:07 What Breaks First if the Fed Got This Wrong

#Gold #Fed #DanielleDiMartinoBooth

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