Trump is embracing higher inflation instead of fighting it, which is bad news for anyone hoping for cheaper prices or lower borrowing costs soon.

• The Fed left interest rates unchanged, and most members now want rates higher before year-end.
• That comes right after inflation jumped to its highest level in three years.
• Trump had spent years demanding cuts, even joking he would sue his own Fed chair over it.
• The war with Iran and higher oil prices give him something to blame for rising prices.
• Holding rates now sets up the argument for cutting them later, once the blame is placed elsewhere.

Outlook: Rates look set to stay high or go higher in the near term, with any cuts pushed further out.