U.S. President Donald Trump speaks to the press as he arrives at Charlotte Douglas International Airport to attend a campaign rally supporting Republican Senate candidate Michael Whatley on September 16, 2026 in Charlotte, North Carolina, United States.
Kevin Lamarque | Reuters
Hello, this is Leonie Kidd from London. Welcome to another edition of CNBC’s Daily Open.
Word of the day — hostile.
President Trump used the term to describe both the Federal Reserve and the EU’s move to designate Canada as an “associate member” of the EU.
After a knee-jerk reaction to the downside, U.S. stocks are likely to recoup some of their losses on Thursday with a generally positive takeover from global stocks.
Read more.
What you need to know today
The Federal Reserve announced a hawkish interest rate hike on Wednesday, but Chairman Kevin Warsh appears to still be sending dovish signals to US President Donald Trump.
The central bank raised interest rates by 25 basis points (bp), the first rate hike since 2023.
However, President Trump’s comments after the announcement raised further questions about the Fed’s independence.
“I trust Kevin, but he has a very tough board. He has a board that other people have put in place,” Trump said. “And I talked to Kevin and said, ‘You’d better have a vote on the board. It doesn’t matter.'”
President Trump criticized other Fed directors, calling them “very hostile and very political.”
If there’s none, it’s over
In a press conference following the decision, Warsh said inflation remained too high and suggested the central bank could consider further rate hikes later this year.
Bond investment titan Jeff Gundlach told CNBC that the Fed should have gone further at this meeting and taken an “immediate” approach to raising interest rates. The full interview can be viewed here.
Next up is BOE and Bank of Japan.
blame canada
President Trump denounced the European Union’s invitation to Canada to become an associate member state, calling it a “hostile act.” On Wednesday, he threatened to impose additional tariffs on Europe or halt trade with the EU entirely.
“I think it’s ridiculous…Canada is a terrible trading partner,” Trump told reporters after arriving in North Carolina. He warned European leaders: “If we consider this to be a hostile act, we will impose very severe tariffs or stop trade with Europe on many things.”
oil vibration
And finally…
Putin says Russians are ‘feeling the pain’ of economic slump, prepares for election stress test
Russian President Vladimir Putin is preparing for a wartime reckoning as the Kremlin prepares to hold its first parliamentary elections since the full-scale invasion of Ukraine in early 2022.
The closely controlled three-day vote, from Friday to Sunday, is widely expected to give the ruling United Russia party an edge in the 450-seat lower house of parliament.
There is no doubting the result, but outside observers will be paying close attention to turnout and the margin of victory for United Russia for any signs of public discontent after more than four-and-a-half years of war.
— Sam Meredith, Anique Bao
