Constitution Day in the War Room. Steve Bannon with White House adviser Dr. Peter Navarro after Fed Chair Kevin Warsh’s first rate hike since 2023.

Warsh led a unanimous 25-basis-point hike to 3.75%–4.00% as oil prices surged off the Iran conflict. Trump says U.S. rates should be 1% or less because America is “the best credit in the world.” Navarro says Warsh hiked “into the teeth of an energy-price shock” — a “double tap” on Main Street that Greenspan and Bernanke refused to do.

Navarro walks through Fed doctrine: an oil shock already tightens the economy. Stacking a rate hike on top does not crush inflation first — it hits jobs, mortgages, and working families. He argues Warsh broke with that philosophy and with what Trump has been saying.

Midterms are weeks away. Another hike would look political. Bannon frames the economy as the reason Trump returned — and why rates that punish citizens are a central-bank failure, not a virtue.

Matt Gaetz is in town on meetings; War Room is trying to get him on soon. James Rickards and others are teed up after Navarro.

If oil is already doing the Fed’s job, should Warsh have hiked anyway — or did he just put a stiletto in Main Street?
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