On Sept. 16, 2026, the Federal Reserve raised its key interest rate by a quarter point, to 3.75%–4%. The vote was 12–0. Kevin Warsh has run the Fed since May 22, when he replaced Jerome Powell.

“Those who are least well off have the most to gain from a durable expansion, a solid labor market, and stable prices.”

He described them as people who “don't own financial assets,” roughly “a bit less than 50 percent of the country.”

Here's what he didn't say: when the Fed creates money, it reaches banks and asset owners first. They buy stocks and homes before prices move. The half of the country with no financial assets gets the bill twice: higher prices first, then higher interest rates to fix them.