“[Warsh’s] hard line on inflation must have … surprised Warsh’s patron, President Trump,” argued American Prospect co-founder Robert Kuttner. The decision to keep rates steady “tanked the Dow,” according to CNN anchor Kasie Hunt, delivering “the worst trading day for more than year.” One set of Trump policies raises inflation, while Trump pressures the Fed to ignore the problem and cut interest rates,” said Kuttner. Plus, Kuttner said Warsh made no mention at all of employment, implying Trump should have seen this coming. In many respects, these signals are a more important factor in Fed thinking than the month-to-month inflation rate,” Kuttner said.