Catherine Rampell

And now that seems to be off the table.

Markets do not think that there's going to be a rate cut this year, maybe not even next year.

In fact, it looks more likely that they're going to raise interest rates rather than cut them by the end of next year, which none of which is good for consumers, none of which is good for voters when they're going to the voting booth for all the reasons you just mentioned.

It's also really shitty for Kevin Warsh, who just got confirmed to be the Fed chair.

He just got confirmed yesterday.

He's screwed because he got the job because Donald Trump thinks he's going to cut interest rates.

There were a number of reasons to think that that would be difficult for Kevin Warsh to do.

One is that he historically is considered an inflation hawk.

Whatever he's been saying recently about cutting interest rates, and he has publicly, at least like last year when he was auditioning for the job, he has said that he wanted to cut interest rates.

He is known throughout his career as like erring more on the side of higher rates, tighter monetary policy policies.

because he was so worried about inflation.

So he seems to be constitutionally primed, not constitutional like our founding document, but in his character, right?

He seems to be more likely to lean towards higher rates, not lower rates.

Then you have...

the actual inflation that you are seeing throughout the economy, again, largely instigated by Trump's own policies, because Trump doesn't seem to understand what his policies do.

That makes it harder for Kevin Warsh to get on board with rate cuts.

And then the biggest challenge is that Kevin Warsh is one of 12 people

who will be voting on interest rates, even if he wants to cut rates lower, either because he believes that's the right path, which I don't think, or because he's worried about wrath from Donald Trump, which I do think he can't do it.

And so the real question is, how does he manage that?

How does he manage Donald Trump?