US-Notenbank erhöht erstmals seit Juli 2023 wieder Leitzins

The Federal Reserve, the US central bank, has raised interest rates for the first time since July 2023 to combat persistent high inflation. The central bank increased the benchmark interest rate by 0.25 percentage points to a range of 3.75-4.00 percent, as reported by the Federal Reserve's central bank council. Fed Chair Kevin Warsh has put himself at odds with former President Donald Trump, who had called for lower interest rates despite the Fed's inaction for several months.

Just a week ago, the European Central Bank (ECB) also raised its benchmark interest rate, marking the second increase this year due to rising inflation caused by the Iran war. The Fed lifted the deposit rate for banks and savers from 2.25 to 2.50 percent. This tightening of monetary policy is expected to appease critics, as some experts had criticized Warsh for not taking action since his appointment in May to address the Fed's stated priority of price stability.

Financial markets feared that a sixth consecutive rate hike since December 2025 could significantly damage the Fed's credibility. Warsh aimed to reassure those who doubted his distance from Trump. Warsh's independence was questioned, as economists feared the Fed might shift from data-driven monetary policy to politically guided actions.

Warsh denied any commitment to a specific interest rate decision and stated that he was never asked by the president. He emphasized the Fed's independence. The interest rate increase was anticipated by many economists. Warsh warned in an August Fed meeting that they must be convinced that core inflation is clearly approaching their target.

While recent economic data showed a slight slowdown, Warsh did not believe that fundamental developments had changed. He stressed that the Fed should focus on prices. The inflation rate is "too high," according to Warsh. The sole step taken by the Fed is expected to remain for now, according to Lena Dräger, an expert from the Kiel Institute for World Economics.

The Fed will likely need to take further steps to combat increasing inflation expectations. Robert Sockin, a US chief economist from PGIM, noted that the Fed historically tends to adjust its monetary policy with multiple rate hikes or cuts. Typically, additional measures would follow. Maxime Darmet-Cucchiarini, the head economist at Allianz Trade, predicts a second interest rate hike in December.

The Fed's interest rate decisions aim to find a balance between stable prices and maximizing employment. While higher rates could slow the economy due to high borrowing costs, lower rates could stimulate growth and the labor market but may also fuel inflation.