Global Capital

The administration's pre-FOMC pressure campaign is now the president, the vice president, the Treasury secretary and Navarro in one week, CNBC tallies, ten days before a meeting priced near 60% for a hike

2026-09-05 · part of Fed Independence Fight

What happened

In the week before the Fed's 09-15/16 meeting the president, vice president, Treasury secretary and senior counselor Peter Navarro all publicly urged the Fed not to raise rates or to cut them — Navarro calling FOMC members "clowns" on Steve Bannon's show on Friday and a hike "careless," Vance saying earlier in the week "we believe that the Fed should be lowering interest rates," Bessent arguing on CNBC that the Fed does not hike into a supply shock until second- or third-order effects show — alongside Trump's Friday threat to halt trade with surplus countries unless the Fed cuts, the first time he has tied tariffs to Fed policy. CNBC's Saturday tally is the first to frame the four as one campaign; the president has still not criticised Warsh by name, and Warsh has said the pressure has no effect on his decisions. Markets price the hike near 60% with Friday's CPI the last data point; the nearest precedent CNBC cites is May 2019, when Pence, Mnuchin and Kudlow all called for cuts and the Fed cut two months later. (CNBC)

Sources 1

CNBC cnbc.com high 0.85

Credibility ratings combine two public datasets: Lin et al. 2023, PNAS Nexus 2(9):pgad286 (CC BY 4.0) for the domain-quality score, and Wikipedia's perennial-sources list (CC BY-SA 4.0) for the reliability tier. A rating describes an outlet's general record, never this particular article. Unrated means absent from those datasets — not a judgement.

The wider story

This event sits inside Fed Independence Fight, which carries how it developed before and since.

Story 10 of 10 in this thread's timeline, oldest to newest

Adjacent threads (shared entities):

· Treasury's Long-End Defense