Warsh spooks investors, OpenAI's 'concerning' incidents, Boeing's production problems and more in Morning Squawk

1. Warsh'd out

Kevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Sept. 16, 2026.

Daniel Heuer | Bloomberg | Getty Images

The Federal Reserve delivered its first interest rate hike in more than three years yesterday, lifting its benchmark interest rate by 25 basis points. The move was widely expected, but Chairman Kevin Warsh's comments on inflation sent the Dow Jones Industrial Average plunging more than 600 points and the 10-year Treasury yield back up to 5%.

Here's a recap:

• All 12 members of the central bank's Federal Open Market Committee voted to hike rates. The Fed also signaled that one more increase could be coming this year.
• In his post-decision press conference, Warsh said that inflation is still too high: "This summer's inflation readings do not tell me that underlying trends have meaningfully improved," he said.
• The presser and the post-meeting statement were both noticeably short, as has been the case under Warsh's leadership.
• President Donald Trump told reporters yesterday that he still has confidence in Warsh but also called for the Fed to cut rates to 1% or less.
• As CNBC's Matt Peterson writes, Warsh's vote to raise rates in spite of Trump's continued calls for a cut could bring the fight over the Fed's independence back to the fore.
• With signs that they could be in for one more hike this year, investors are readying for an era where interest rates are higher for longer.
• Follow live market updates here.

2. Report card

SAN FRANCISCO, CALIFORNIA - SEPTEMBER - 15: OpenAI CEO Sam Altman sits for a conversation with Salesforce CEO Marc Benioff at Salesforce's Dreamforce conference at the Moscone Center on September 15, 2026 in San Francisco, California. Dreamforce is an annual event that highlights the company's technologies and encourages professional networking. (Photo by Benjamin Fanjoy/Getty Images)

Benjamin Fanjoy | Getty Images News | Getty Images