Bitcoin Price Is up 13% Since the Rate Hike Trump Says the Fed Got Wrong

Key Takeaways

• Trump told Time late last month that Warsh’s Fed shouldn’t have lifted rates to a 3.75%-4% range.
• Bitcoin rose from about $75,600 to $85,950 as the 10-year Treasury yield climbed to a 2026 high of 5.29%.
• Polymarket gives a 24.5% chance of another 25 basis point hike at the Fed’s Oct. 27-28 meeting.

‘This Just Happened?’

The exchange came during a White House sit-down on Sept. 28 that Time published as a full interview transcript yesterday. When the interviewers noted that Fed Chair Kevin Warsh had just overseen a unanimous vote to raise rates, Trump asked, “This just happened?” and then added, “I don’t think they should.”

He did not aim the blame at the man he picked for the job and when asked whether he regretted nominating Warsh, Trump said the chair is “controlled to a certain extent by the board,” further adding:

We have a very hostile board, and the board says, ‘We want to hurt Trump.’ They’re not doing this for you. They’re doing this because they have Trump derangement syndrome.

Trump also pointed to the labor market as proof that the hike was unnecessary, citing “great job numbers, 162,000,” which he said were four times bigger than projected.

The hike itself was not new as the Federal Open Market Committee (FOMC), the Fed’s rate-setting panel, voted 12-0 on Sept. 16 to lift the federal funds target range by a quarter point to 3.75%-4%. That was its first increase in more than three years, and the Fed’s policy statement read: