The Fed raised rates in September after holding in July, Kevin Warsh said,
citing three developments between meetings: recent data showing a stronger US
economy, notably the labor market; summer inf remaining well above the Fed’s 2%
YoY inf target; and geopolitical developments that altered the Fed’s outlook —
he did not explicitly name a US‑Iran conflict in the Middle East. Warsh said
those three factors led to a firm, unanimous decision to tighten policy.