Hello Reader, Warsh Told You How He's Going to Decide The Fed raised rates Wednesday. 25 basis points, to 3.75% to 4.00%, unanimous. First hike in about three years. Inflation is too high and has been for too long, and the summer readings don't tell him underlying trends have improved. By his own numbers, total PCE ran around 3.6% in August, core PCE around 3.2%, and too many categories still printing above 3%. He said he was hard pressed to call financial conditions restrictive, so the...