What the Fed’s rate hike means for you and the economy

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• 00:05

  Good morning.

• 00:05

  The Fed raises interest rates for the first time in three years as it tries to slow down inflation.

• 00:11

  We must be confident that underlying inflation is moving to our objective.

• 00:16

  Today, the FOMC decided that this standard has not been satisfied.

• 00:22

  The family of Charlie Kirk gears up for a lawsuit against Utah officials,

• 00:27

  and how a speech about Palestine derailed Ed Sheeran's tour.

• 00:31

  It's Thursday, September 17th.

• 00:32

  I'm Gideon Resnick.

• 00:34

  This is Apple News Today.

• 00:45

  When President Trump appointed Kevin Warsh as chair of the Federal Reserve, he had one demand: lower interest rates.

• 00:51

  But yesterday, Warsh defied the president

• 00:53

  and voted along with every other Fed member to raise rates by a quarter percent.

• 00:58

  He called it a sober, serious decision.

• 01:01

  For more than 5 years, inflation has been running above target,

• 01:05

  so our predominant focus is on the price stability side of our mandate.

• 01:10

  Plain fact is that inflation is too high and has been for too long.

• 01:16

  This summer's inflation readings do not tell me that underlying trends have meaningfully improved.

• 01:22

  The vote drew a rebuke from Trump,

• 01:24

  who urged the Federal Reserve to lower interest rates and fast,

• 01:28

  though he emphasized his support for Warsh personally when speaking to reporters later.

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