{
  "id": 5980769,
  "title": "Märkte Insight: Fed-Chef Warsh kann sich jetzt nur unbeliebt machen",
  "url": "https://urgent.news/2026/09/06/markte-insight-fed-chef-warsh-kann-sich-jetzt-nur-unbeliebt-machen",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-06T13:10:52.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/anlagestrategie/kolumnen/usa-fed-chef-kevin-warsh-kann-sich-jetzt-nur-unbeliebt-machen/100250041.html"
  },
  "original_language": "de",
  "account": "The deadline for Fed Chair Kevin Warsh's cautionary period has expired. For the first time, US President Donald Trump has explicitly demanded interest rate cuts from Warsh, mirroring the requests he made of his predecessor, Jerome Powell. Simultaneously, Trump threatens the US central bank. If the Federal Reserve does not reduce interest rates, Trump threatens to halt trade with all countries with which the US has a trade deficit, including Mexico, China, and Taiwan. According to analysis firm Kobeissi, interrupted supply chains could limit imports and raise prices, suggesting that interest rate hikes, not cuts, are warranted. This is supported by a number of US central bankers. Strong labor market data released on Friday further bolstered their demand. Warsh, however, has little room for maneuver. If he cuts rates as Trump demands, it could inflate prices. If Warsh keeps rates unchanged, he risks raising prices due to the potential trade halt. But even raising interest rates has downsides. Current mortgage rates, which track the yields on 10-year Treasury notes, have reached their highest level in nearly two years. Lower interest rates might temporarily depress yields on short-term Treasury bonds, but they could increase long-term inflation concerns and push yields on longer-term Treasury bonds higher. The announced bond buying program aimed to do the opposite. Rising interest rates would depress inflation, but close to the elections, they could deteriorate economic sentiment and exacerbate housing market issues. The dollar would strengthen as a result of higher rates, which would also make matters worse for Bessent. It typically leads to a stronger dollar. If the US currency further depreciates against the yen, more currency interventions would be likely. Japan is a major buyer of US Treasuries. To support its own currency, Japan would need to reduce its holdings. Through interventions, Bessent could prevent this. Reports suggest the autumn will be a monetary policy hard test for Kevin Warsh. The effects of Japan's and America's finance ministries' interventions this summer have already faded. However, a new offensive from Japan has caused the yen to stabilize again against the dollar. Allowing interest rates to remain at their current level of 3.5 to 3.75 percent at the next meeting on September 16 appears to be the best solution for now, as the consequences of a trade halt would be so severe that Warsh seems to be betting on Trump bluffing and moving on to other issues soon.",
  "summary": "Mit seiner Forderung nach niedrigeren Zinsen setzt Trump auch Powells Nachfolger unter Druck. Egal, wie der nächste Entscheid ausgeht: Warsh hat nur schlechte Optionen, meint Astrid Dörner.",
  "key_points": [
    "Fed Chair Kevin Warsh's cautionary period ends",
    "Trump demands interest rate cuts from Warsh",
    "Trade halt threat from Trump to US allies"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}