ECONOMY09/23/26

Fed's First Rate Hike of 2026

The Federal Reserve raised interest rates for the first time this year amid persistent inflation.

Photo: Fox Business

DIFFERENT FOCUS

Fox Business emphasized Inflation Not Yet Defeated

LEFT FOCUS

▸Boston Fed President Susan Collins warned inflation could stay 'notably' above the 2% target. — CNBC
▸Collins said there is 'an increased likelihood' inflation will remain persistently elevated. — CNBC

RIGHT FOCUS

▸Richmond Fed President Tom Barkin said 'risks to inflation outweigh the risks to maximum employment.' — Fox Business
▸Barkin noted inflation has been above the 2% target for five years, driving the rate hike decision. — Fox Business
▸Barkin left open the possibility of additional hikes, saying 'will additional hikes be required? We'll see.' — Fox Business

September CPI Hits 3.7%

Inflation rose to 3.7% in September, the last CPI report before midterm elections.

DEVELOPING TIMELINE

First Report Oct 14: Economists expect September consumer prices to rise 0.6% monthly and 3.6% year-over-year, driven by energy costs.

Sunday: September CPI report confirms 3.7% annual inflation rate

Left: Prices hit everyday Americans on essentials.

Right: Rising prices spell trouble for Trump's party.

Treasury Department fined Bank of America over $1.2 billion for sanctions and anti-money laundering violations

DEVELOPING TIMELINE

First Report Thursday: The US Treasury fined Bank of America $1.2 billion for anti-money laundering and sanctions violations.

Sunday: Treasury fine now cites Chinese money laundering networks

Left: Third-largest Treasury penalty ever imposed.

Right: Tied to Chinese networks and border criminals.

September consumer prices rose 0.6% monthly and 3.7% annually, the fastest pace in five months.

DEVELOPING TIMELINE

First Report Oct 14: Economists expect September consumer prices to rise 0.6% monthly and 3.6% year-over-year, driven by energy costs.

Thursday: September CPI confirmed at 3.7% annually, up from 3.6% prior

Left: Rising prices squeeze everyday Americans hardest.

Right: Inflation surge spells trouble for Trump, GOP.

The US Treasury fined Bank of America $1.2 billion for anti-money laundering and sanctions violations.

Left: Third-largest Treasury fine ever issued.

Right: Violations tied to border crime, China networks.