Spain

Madrid, September 17, 2026. The Spanish economic press first highlights the personal confrontation: the Federal Reserve dared to "defy" Donald Trump, writes Expansión, by raising its benchmark interest rate by a quarter of a point on Wednesday, to a range of 3.75% to 4%. This is the first increase in more than three years — exactly 38 months, the last one dating back to July 2023 — and it comes under the presidency of Kevin Warsh, the same conservative that Trump had appointed to head the institution in May, replacing Jerome Powell. The vote was unanimous, twelve votes in favor, none against, which, according to Expansión, strengthens the Fed's position in the face of criticism. The move was anticipated by 90% of investors, but Warsh, faithful to his desire to abandon forward guidance, delivered a shorter-than-usual press conference, limiting himself to judging that inflation "is too high and has been for too long". The title of Expansión itself cited the immediate reaction of the American president: "¡Bajen los tipos de interés y rápido!", a call that had no effect on the committee. El País emphasizes that the decision comes six weeks before midterm elections where Republicans risk losing Congress — a calendar that Trump, who demands interest rates close to zero, would have wanted to avoid at all costs.

The economic newspaper also relies on a survey conducted by the Financial Times and the Booth School of Business at the University of Chicago: 50 of the 51 economists surveyed considered the rate hike justified, and 14% even demanded a half-point increase, citing the oil surge linked to the conflict with Tehran. Academic Olivier Coibion is quoted: "La Reserva Federal va muy por detrás de la curva" — the Fed is lagging behind the inflation curve, which shows no signs of returning to the 2% target, according to him. Expansión finally evokes the quote from Lao-Tseu — "a journey of a thousand leagues begins with a first step" — to summarize the markets' anticipation of a new rate hike before the end of the year, a scenario that Goldman Sachs already situates in October.

For the Spanish press, the stakes go beyond mere price mechanics: it is Warsh's credibility, and that of the Fed's independence in the face of a president who himself chose him, that was at play on Wednesday.