New Fed chair's first major interest-rate decision doesn't rock the boat — and Trump may not be happy about it



The first major decision at the Federal Reserve under new Chairman Kevin Warsh has come and gone, but little has changed.

On Wednesday, the Fed announced that the interest rate would hold at between 3.5% and 3.75%, despite calls from Dallas Fed President Lorie Logan and others for a "modest" increase.

'We will deliver price stability.'

The decision was released at 2 p.m. ET, revealing that Warsh and eight other committee members had voted in favor of a fifth straight hold on rates, while three opposed.

Shortly after the announcement, Warsh spoke publicly.

"The economy is showing impressive resilience," Warsh said. "Even with recent shocks, the trends are positive and reveal solid growth. Job gains have kept pace with the workforce, and the unemployment rate has changed little."

Warsh also admitted that "inflation remains elevated relative to the committee's 2% goal," but promised: "We will deliver price stability."

The White House did not immediately respond to a request for comment from Blaze News.

RELATED: Jerome Powell is out — for good reason. Here are 4 of his top blunders.

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President Donald Trump has pushed for years for the Fed to lower interest rates. "Interest Rates too high!" he posted on Truth Social back in May.

On Monday, Trump said of Warsh: "Kevin’s fantastic, but he’s got a board, and the board members are very political. He wants to do the right thing. I know what he wants to do. But you need the consent of some people that have perhaps bad intentions. Rates should be lowered."

Trump nominated Warsh to be Fed chair back in January, and he was confirmed in May. Warsh replaced longtime Chair Jerome Powell, who repeatedly butted heads with Trump over interest rates.

Trump nicknamed Powell "Too Late" and called him a "DISASTER" because of his reluctance to lower interest rates.

"Jerome 'Too Late' Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him," Trump wrote in April.

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Glenn Beck: The housing crisis will spiral out of control unless we do this NOW



Why does buying a home feel more out of reach than ever? According to Blaze Media co-founder Glenn Beck, the answer isn’t corporate greed, mysterious market manipulation, or some hidden conspiracy theory. It’s basic economics and government policy.

Citing new research from the Federal Reserve Bank of Dallas and data from the National Association of Home Builders, Beck argues that America’s housing affordability crisis stems from a collision of rising demand and artificially constrained supply.

“Thirty percent of the increase in U.S. home prices from '21 to '24 along with 20% of the rise in rent prices comes from just bringing in seven, 10, 15 million people and just adding them in,” Glenn explains.

“Today, our home, the typical American house, runs closer to five times what a family earns in a year,” he adds.


Back in March, economists at the Federal Reserve Bank in Dallas ran the numbers on what seven million illegal border crossings under the Biden administration did to the local housing market.

In Dallas, it put “roughly 30% of the total run-up in home prices and about 20% of the run-up in rents.”

“Every 1% increase in unauthorized workers relative to the local workforce pushed the home price up 2.2%. And rents up 1.4%. So you want to know why we’re having a hard time buying houses?” he asks, answering, “It’s because our local governments along with the federal and state government are completely out of control with regulation, and our federal government just opened up the borders.”

“Now, why isn’t that being explained to the American people?” he asks.

“It’s not the builders. It’s not the people selling the houses. It’s the government that is the problem,” he says.

And while the Biden administration spent four years adding millions of people to the demand side, local and federal governments made it "slower and more expensive to add anything to the supply side."

“There’s no mystery here. There’s no shadowy cartel. There’s no Jew behind the corner. It’s a bathtub with the tap wide open and a towel that is stuffed in the drain,” Glenn explains.

“Which means the fix should be just as simple. And there are three fixes,” he says.

“One, don’t add people to the country faster than you can add roofs to it. ... Two, make it legal to build a cheap house. ... Three, stop borrowing money you didn’t have because the deficit sets the interest rate and the interest rate sets the mortgage,” he continues.

“I don’t know why we don’t do this.”

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No slaughter for the CIA's DEI office — yet



President Trump won the 2024 election promising to gut Biden-era DEI across the federal government, calling it "illegal and immoral." The CIA and the Office of the Director of National Intelligence tried to do exactly that — moving to fire 19 career officers who had spent their time on diversity, equity, and inclusion assignments instead of actual intelligence work.

Two Democrat-appointed judges said not so fast.

'As long as the employee subject to termination chooses to pursue reassignment, the agencies must attempt to reassign her.'

The 4th U.S. Circuit Court of Appeals ruled 2-1 Thursday that the CIA and ODNI have to let the 19 DEI-linked officers appeal their firings and, in some cases, apply for reassignment before they can be shown the door, the Washington Times reported.

The panel found the agencies skipped procedural steps required for a reduction in force — a technicality that's now kept the firings frozen for well over a year, according to Bloomberg Government.

Writing for the majority, Biden-appointee Judge Nicole Berner — joined by Obama-appointee Judge Stephanie Thacker — ruled the officers had enough of a claim to their jobs to sue in the first place.

Berner wrote: "As long as the employee subject to termination chooses to pursue reassignment, the agencies must attempt to reassign her."

RELATED: 'BIG WIN': Trump calls SCOTUS 'Slaughter' ruling the greatest increase of presidential power in 100 years

Graeme Sloan/Bloomberg/Getty Images

In a blistering dissent, Judge Paul Niemeyer, a George H.W. Bush appointee, argued that Congress gave intelligence directors "unfettered discretion" to fire employees precisely so courts couldn't micromanage personnel decisions at agencies handling national security.

He called the injunction unlawful and urged the Supreme Court to step in, calling it a serious separation-of-powers problem: judges telling the CIA how to run its own house.

The ruling lands days after the Supreme Court handed Trump a win affirming his broad authority to fire employees, with a separate case providing a narrow carve-out for officials like Federal Reserve board members.

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John Roberts Again Undermines SCOTUS Legitimacy With Irreconcilable Slaughter And Cook Opinions

In one ruling, SCOTUS affirmed the president's power to fire independent agency officials. On the same day, it invented a fourth branch of government to protect the Fed.

Here Are The Key Takeaways From SCOTUS’ Monday Decisions

Of the three political opinions issued by SCOTUS on Monday, the Trump v. Slaughter case will have the greatest effect.

Thomas RAILS against SCOTUS ruling on firing of Fed governor — with 2 conservatives siding with liberals



Two of the conservatives on the Supreme Court have sided with the three liberal justices to rule against the president's decision to fire Federal Reserve Governor Lisa Cook while a lawsuit continues.

President Donald Trump has been trying to fire Cook since 2025 after she was accused of committing mortgage fraud through evidence gathered from the Federal Housing Finance Agency.

'Today’s decision is an unprecedented incursion on the executive branch.'

On Monday, Chief Justice John Roberts and Justice Brett Kavanaugh ruled against the president being allowed to fire Cook while the litigation continued. Four other conservative justices dissented.

"Not only the fact of independence but also the appearance of independence is key to the Federal Reserve’s design," wrote Roberts in the majority opinion.

He went on to assert that the president had not followed due process in firing Cook, which he indicated should have included offering an explanation for her removal, allowing her to respond, and setting up a deadline for the response. However, he also said in a footnote that the president could fire Cook if he tried again and followed due process.

The president responded in a post on Truth Social.

"The Cook Lawsuit, having to do with her suitability in sitting on the Board of the Federal Reserve, was sent back by the Supreme Court on a strictly procedural basis," Trump wrote, "we will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America!"

Roberts said the ruling was necessary to maintain the independence of the Federal Reserve and to assuage the public.

"Any change in that scheme must come from Congress, not the courts," Roberts continued. "That is why we cannot accept the government’s contentions in this case. To do so would allow the president to remove a member of the Federal Reserve at any time, for any reason, without any notice before, and without any judicial check after.”

Justice Clarence Thomas called the arguments for the independence of the Federal Reserve unconstitutional.

"Today’s decision is an unprecedented incursion on the executive branch," Thomas wrote in the dissent.

"Many do not share the court’s rosy appraisal of the past century. But if the court prefers an independent Federal Reserve Board, then its issue is not with the president but with the Constitution," he added.

RELATED: Warsh approved to replace Powell as Federal Reserve head — and even 1 Democrat supports him

Cook responded in a statement Monday that accused the president of acting out of political motivation.

"It was an attempt to remove me on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people," she wrote.

She has denied the allegations and has not been charged with any crime.

While the president has been demanding that the Federal Reserve lower interest rates, he has backed off on that campaign after some metrics showed inflation climbing to 4%.

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John Roberts: Presidents Have Executive Power. Also John Roberts: No, They Don’t

Taken together, Cook and Slaughter reveal a chief justice once again attempting to split the baby between constitutional principle and institutional pragmatism.

Supreme Court Allows Lower Court Blockade On Trump’s Federal Reserve Firing To Remain In Place

In a 5-4 decision, the Supreme Court declined to halt a lower court blockade against President Trump's removal of Lisa Cook from the Fed.

Supreme Court Rules Trump Can Fire Executive Officials

'Those officers must be removable by the President'

Why did the stock market crash on good jobs news? Glenn Beck unpacks the sick game Wall Street is playing



Last Friday, the stock market had an abysmal day, losing well over $1 trillion. It was the worst single-day drop of 2026 for the S&P 500 and the worst day in over a year for the Nasdaq, which fell over 4%.

This sudden and dramatic dip surprised many because it occurred immediately after a jobs report revealed that May saw the addition of 172,000 new jobs — over twice the amount that experts forecasted. Unemployment also stayed the same at 4.3%

The report showed that “by every plain English measure, Americans are working; things are good,” says Glenn Beck.

“So why did the market panic on news that you and I would call encouraging?” he asks.

On this episode of “The Glenn Beck Program,” Glenn unpacks “the whole game” that is the Federal Reserve and Wall Street’s addiction to cheap money.


“For two years, Wall Street has been betting on one thing above all else ... but it’s not [AI],” he begins.

“It's the Federal Reserve about to make money cheap again, and they love cheap money.”

Wall Street, Glenn explains, was expecting the government to slash interest rates soon. But when the job market came in strong, those hopes were suddenly dashed.

“Have you ever leaned on a door that you thought was closed or unlocked, and you fell through? It was kind of like that on Friday,” he analogizes.

On top of that, the AI trade was already experiencing a backslide.

Wall Street, having had high hopes for AI growth, discovered just days before the stock market plummet that Broadcom (a prominent AI chip maker) did not raise its future predictions as many had anticipated — even though Google’s parent company had just announced it was raising a massive $85 billion to buy more AI chips and build data centers.

As a result, its stock dropped significantly, and it brought several other tech/AI stocks down with it.

“So understand what actually happened here,” says Glenn. “It wasn't the good news that scared everybody Friday. It was the truth that the Fed is not riding in to rescue the overpriced stocks, and maybe, just maybe, the AI miracle has a price tag attached to it that somebody should check before buying stock.”

This is tough news to stomach, he admits.

“That 401k or pension that you're counting on rides on the market, and days like Friday took a big bite out of it. Also, you want a mortgage on the house. The 10-year is now above 4.5%. The rates are punishing,” Glenn sighs.

“It's going to stay that way. Your grocery bill, your gas, your rent. Inflation is at 3.8% means they're not coming down soon, and a Fed that has to say ‘tough on the price inflation’ and is going to — that means it's going to be tough for a while,” he continues.

But there’s a silver lining we can’t ignore.

“America's strength ... has never come from cheap money or get-rich-quick fevers. It never has. Pain always comes from that — always,” Glenn declares.

“Where America has always rallied, done well, and fixed herself is when people who make things, fix things, grow things, show up and are encouraged to do what they do best.”

Glenn urges his listeners to stop “[hanging their] hope on the Fed or on Washington or the next shiny thing the market is chasing.”

“Get out from under your debt wherever and however you can; build something that doesn't depend on a rate cut; strengthen your family and the people around you,” he implores.

“The real security was never something that was printed on a building on Constitution Avenue. It was built in your home with your hands and with your character.”

To hear more, watch the video above.

Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.