Kevin Warsh raised rates and gave investors little reason to think it's a one-off. The Fed chairman's language suggests the central bank sees more work ahead, even if its projections show just one more hike. His comment about having "removed a dose of accommodation" is Fed-speak for stimulus, meaning officials don't think rates are restraining the economy even after raising them. He also cited geopolitics as a reason to act. His comment about a change in "our judgment about what is the most likely or least likely" outcome suggests the Fed is no longer treating the energy shock as something to wait out. That led one analyst, BNP's James Egelhof, to suggest that the first hike and the additional 2026 hike penciled into the rate projections is "likely a down payment on what might need to be a much more prolonged policy tightening cycle." President Trump said Wednesday evening that he was standing by the chairman, who he said has “a very tough board" that is politically opposed to him. “I talked to Kevin. I said, ‘You might as well vote with the board because it’s not going to matter." Warsh declined to discuss his conversations with the president but said the choice to raise rates had been “one that we have been preparing for and thinking about” since he arrived at the Fed in May. He called it a “sober,” “serious,” and “responsible” decision.