Rise and shine: Warsh’s Fed rate test

<p>The <a href="https://www.economist.com/leaders/2026/09/10/kevin-warsh-should-raise-interest-rates?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">Federal Reserve</a> has raised interest rates for the first time since July 2023. For the central bank’s new chair Kevin Warsh, that decision was a test both of monetary policy and politics. A governor’s election in <a href="https://www.economist.com/asia/2026/09/16/an-electoral-result-that-helps-japans-defence-buildup?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">Okinawa</a> is a boon to Japan’s military ambitions. And why <a href="https://www.economist.com/culture/2026/09/10/say-goodbye-to-summer-not-just-this-years?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=theintelligence&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">summer</a> is a casualty of climate change.</p><br><p>Guests and host:</p><ul><li>Archie Hall, acting economics editor</li><li>Moeka Iida, East Asia reporter</li><li>Andrew Miller, special correspondent</li><li>Rosie Blau, co-host of “The Intelligence”</li></ul><p><br></p><p>Topics covered:&nbsp;</p><ul><li>Federal Reserve, Kevin Warsh, interest rates, inflation</li><li>Okinawa, Japan</li><li>Summer, climate change, heatwave</li></ul><p><br></p><p><em>Listen to what matters most, from global politics and business to science and technology—</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em>subscribe to The Economist</em></a><em>.</em></p><br><p><br></p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>