On Wednesday, the Federal Reserve delivered its first increase in more than three years, a quarter-point move approved 12-0. As a result, the target band now stands at 3.75% to 4%, previously 3.5% to 3.75% since a reduction last December. The committee is leaning into the price stability side of its dual mandate with inflation still running hotter than 2%. At his press conference, Chair Kevin Warsh put it bluntly: "Inflation is too high and has been for too long." He called the decision "serious and responsible" and said the hike "removed a dose of accommodation." Recent inflation readings, he added, have not shown meaningful improvement in the underlying trend. Why pull the trigger now?
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