The Wall Street Journal's Nick Timiraos reports that Kevin Warsh raised rates and cited geopolitics as a reason to act. Warsh said officials had “removed a dose of accommodation”—language Timiraos interprets as meaning they still do not see rates as restraining the economy. Timiraos also reads Warsh's comments as suggesting the Fed no longer views the energy shock as something to wait out. BNP's James Egelhof, quoted by Timiraos, said the increase and another projected for 2026 were likely a “down payment” on what might become a much more prolonged tightening cycle.