A Financial Times-Booth School poll finds most economists think the Fed should raise rates to fight inflation, even if that means defying Donald Trump. It's the cleanest statement yet that the Fed's independence is the real issue, not just the rate number.
financeWednesday, September 16, 2026
Top economists urge Fed rate rise against Trump
The day's dominant thread is the Fed's next move, caught between inflation and politics. A major economist poll says raise rates even if Trump objects, while oil above $100 and bond market chaos keep the pressure on. Everything else, crypto, climate finance, Japan's visa squeeze, sits in the shadow of that decision.
Fed under fire
The clearest signal today is that economists think the Fed should hike, regardless of who objects.
Oil above $100 is feeding cross-asset volatility ahead of the Fed decision, reshaping risk and rate strategies. That's the macro context that makes the poll's finding urgent.
An accounting professor argues that Bitcoin's bookkeeping mechanics don't make it money. It's a niche take, but it lands in a week where crypto is sliding on macro jitters, adding philosophical weight to the sell-off.
Fiscal fallout
Higher rates are pinching governments and bond investors alike, forcing hard choices.
Former BOE chief economist Andy Haldane calls Greater Manchester's mayor a 'tax and spend socialist' and warns bond markets will keep raising costs without spending cuts. It's a UK-local fight, but the bond market chaos he describes is global.
Morgan Stanley's fixed-income team says traditional bond investors have lost money by sticking to investment-grade paper and Treasuries. With 10-year yields above 5%, they argue variety is the only path to better income now.
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