By Nathaniel "Beltway" Steele
The Federal Reserve raised interest rates Wednesday, its first such move in three years, citing concern that inflation is running too high. CBS News' Kelly O'Grady reported the decision came the same week diesel fuel prices hit a record high for an eighth straight day, a sign the price pressures worked into this decision are not abstract for anyone paying at the pump.
The rate hike carries a political subplot. President Trump, who has pushed for lower rates in the past, said Wednesday he told Fed Chair Kevin Warsh — whom Trump appointed — to "do what you want" ahead of the decision, according to The Washington Post. Trump added he wants Warsh to be independent, then, in the same breath reported by NBC News, predicted Warsh likely won't follow his direction regardless.
It is a notable posture from a president who has not always shied from pressuring the Fed publicly. Whether Trump's stated hands-off approach holds as rates and prices continue to move will be worth watching. For now, the Fed's message was blunt: inflation is too high, and it acted accordingly. Diesel prices, unaffected by monetary policy on any given week, tell their own story about what's driving up costs at the register and the pump alike.
This paper has not independently verified the diesel price figures beyond CBS News' reporting and will follow up on the underlying data.
Read the footnotes. The story's always in the footnotes.
— Compiled from reporting by NBC News, The Washington Post and CBS News.
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