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AMNA: WELCOME TO THE "NEWS HOUR." THE FEDERAL RESERVE RAISED INTEREST RATES TODAY BY A QUARTER OF A POINT, THE FIRST TAKEN THREE YEARS. GEOFF: THE FIRST MAJOR MOVE BY FED CHAIR KEVIN WARSH TO COMBAT INFLATION. PRESIDENT TRUMP HAS PRESSURED THE FED TO LOWER INTEREST RATES, BUT KEVIN WARSH FOR MONTHS INTO THE JOB AFTER BEING HANDPICKED BY TRUMP TO LEAD THE FED EXPLAINED WHY THE COMMITTEE VOTED UNANIMOUSLY TO RAISE RATES TODAY.

THE LEAST WELL-OFF ARE THE ONES WHO HAVE THE MOST TO GAIN FROM STABLE PRICES. THE DECISION WE MADE TODAY WAS THE RIGHT DECISION TO DELIVER OWN OF THE REMIT CONGRESS GAVE US TO ENSURE STABLE PRICES. MOREOVER I WOULD SAY BECAUSE OF THE UNDERLYING STRENGTH OF THE ECONOMY, BECAUSE WE ARE AS I MENTIONED LARGELY ACTING CONSISTENT WITH FULL EMPLOYMENT, WE CAN BE FOCUSED ON STABLE PRICES. SOME MONTHS AGO I SAID WE WOULD DELIVER STABLE PRICES IN TODAY'S ACTION IS CONSISTENT WITH THAT.

GEOFF: FOR MORE WE ARE JOINED BY JULIA CORONADO, AN ECONOMIST AT THE UNIVERSITY OF TEXAS AT AUSTIN WHO RUNS HER OWN FIRM CALLED ACRO POLICY PERSPECTIVES -- MACROPOLICY PERSPECTIVES , WELCOME TO THE PROGRAM. JULIA: THANK YOU FOR HAVING ME. GEOFF: WHAT DOES THIS TELL US ABOUT PORSCHE AS A FED CHAIR COMMITTED TO FIGHTING INFLATION AND WORSHIP -- WARSH AS A FED CHAIR WHO WILL BE INDEPENDENT? JULIA: A PRETTY QUICK TURNAROUND FROM AN OFFICIAL NOMINATED TO BRING RATES DOWN AND I THINK THAT IS REFLECTIVE OF THE DATA AND THE COMMITTEE.

THE COMMITTEE IS LOOKING AT THE DATA AND AS HE DESCRIBED, UNEMPLOYMENT IS LOW, INFLATION IS HIGH, THAT'S A PRETTY SIMPLE FORMULA FOR CENTRAL BANKERS. THERE WAS A LOT OF SUPPORT, IT WAS A UNANIMOUS DECISION. AND MOST OFFICIALS THINK IT IS NOT THE LAST OF THE RATE HIKES, SO MORE LIE AHEAD. GEOFF: BRING THIS DOWN TO THE HOUSEHOLD LEVEL. WHAT GETS MORE EXPENSIVE AND HOW QUICKLY? JULIA: WE HAVE ALREADY SEEN LONGER-TERM INTEREST RATES BACK UP.

OVER THE LAST MONTH OR SO, WE HAVE SEEN A TREMENDOUS RISE IN BORROWING COSTS REFLECTING EXPECTATIONS THE FED WOULD NEED TO RAISE RATES, REFLECTING SOME OF THE GEOPOLITICAL TENSIONS WE ARE SEEING RIPPLE THROUGH THE COMMODITIES MARKETS. AND THE INFLATION DATA ITSELF JUST SHOWING A LOT OF PERSISTENCE. SO IN A SENSE THE BORROWING COST CONSUMER SPACE HAS INCREASED, MORTGAGE RATES ARE HIGHER, AUTO LOAN RATES ARE LIKELY GOING TO RISE AS WELL SO IT IS REALLY, YOU MENTIONED, THIS IS REALLY ABOUT THE FED FOLLOWING THROUGH IN THE NEW FED CHAIR DEMONSTRATING HE IS INDEPENDENT OF POLITICS AND WILL DO WHAT THE DATA, WHAT THE ECONOMY SAYS IS NECESSARY.

I THINK IN A SENSE THAT IS REASSURING THAT THE FED IS ACTING INDEPENDENTLY. GEOFF: ON THE BORROWING COSTS YOU MENTIONED, THE 10 YEAR TREASURY HAS NOW PASSED 5%. HOW MUCH DOES THAT COMPLICATE WITH THE FED IS TRYING TO DO? JULIA: IT ACTUALLY IS A REFLECTION OF WHAT THE FED IS TRYING TO DO, WHICH IS TO SLOW THE ECONOMY DOWN IN A SENSE. IT IS AN UNUSUAL PICTURE BECAUSE THE ECONOMY IS BEING DRIVEN BY THIS AND AI BUILDOUT RATHER THAN THE TYPICAL HOT LABOR MARKET,