3 takeaways for what the first Fed hike in 3 years means for your wallet

Chair Kevin Warsh took a tough-on-inflation tone at the September meeting.

Bloomberg/Getty Images The Fed opted to hike rates at the September meeting, the first in three years.

Warsh said inflation rates are the Fed's top priority, despite trade and geopolitical shocks.

The new chair is committed to independence and declined to comment on Trump.

Kevin Warsh is taking a big swing at America's inflation problem .

Alongside the Federal Open Market Committee , the new central bank chair opted to hike rates by a quarter point on Wednesday.

It's the first time the Fed has increased interest rates since summer 2023, and the first policy change under Warsh's tenure.

Here are Business Insider's biggest takeaways, from the hawkish dot plot to Fed independence .

The FOMC is feeling hawkish The FOMC voted unanimously for a quarter-point hike, a uniform decision after a series of split votes over the past year.

In the committee's quarterly economic projections, the group said it expects GDP growth to remain relatively strong, unemployment to hold steady, and inflation to stay above the FOMC's 2% goal through the rest of the year .

Eighteen members shared their opinions on where rates will end up, with Warsh recusing himself because he doesn't believe in forward guidance .

A majority of central bank leaders expect one more hike before the year ends.

In the final meetings of the year, two members expect holds, and four see two standard-sized hikes.

As Warsh said during the press conference, inflation is the Fed's top priority.