'No!' Fox Business panics as Wall Street bet spells midterm disaster for GOP

Fox Business hosts erupted in panic Wednesday after new data increased the odds that the Federal Reserve would hike interest rates later this month, less than a week out from the midterms.

“We have the numbers. So, it looks like [inflation is] accelerating,” said Fox Business’ Taylor Riggs.

Soaring energy prices pushed inflation higher in September, The New York Times reported Wednesday, with Bureau of Labor Statistics data revealing that “overall prices rose 0.6 percent, the largest monthly increase in five months.”

“This is now the biggest jump [in inflation] since May,” Riggs continued. “It is outpacing workers’ wages. Average hourly earnings for September are down seven-tenths of 1% year over year.”

Riggs also cited a probability statistic from the CME FedWatch Tool that suggested the Federal Reserve, led by Chair Kevin Warsh, was increasingly likely to raise interest rates during its Oct. 28 meeting.

“Umm… 45% odds of an October rate hike now,” Riggs said.

Another Fox Business host couldn’t contain their panic.

“No!” the host shouted. “In October? They’re gonna hike in the month before the midterms?”

Used as a tool by the Federal Reserve to cool inflation, interest rate hikes make things like mortgages, car loans and credit card debt more expensive for Americans.

Fox Business’ Dagen McDowell expressed fears that Warsh, appointed by President Donald Trump, may be a greater monetary hawk than he appears, but ultimately predicted the Federal Reserve would decide against hiking interest rates at its October meeting.

“Somebody told me that who knows Kevin Warsh who doesn’t work here that Kevin Warsh is a much bigger hawk than people think,” McDowell said. “But has he got the cojones to vote for a hike before the midterms?”