Federal Reserve Interest Rates, Reports Reveal Iran War Costs, Kennedy Center Closure
September 16, 2026
AI Summary
5 min readThe Federal Reserve is expected to raise interest rates for the first time in three years, new reports put the cost of the Iran war above $30 billion, and the Kennedy Center board voted to shut down the historic arts complex after a judge ruled President Trump’s name cannot go on the building. Here’s what happened and why it matters.
The Fed’s First Rate Hike in Three Years
The Federal Reserve is expected to raise its benchmark interest rate by a quarter percentage point, a move driven by renewed inflation tied directly to the U.S. war with Iran. Oil and gasoline prices have climbed, and the Congressional Budget Office warns the war will keep pushing prices higher into next year. Fed Chairman Kevin Warsh renewed his promise to get inflation under control during a speech in Jackson Hole, Wyoming, and forecaster O’Mear Sharif said the market expects action: “If the Fed doesn’t use that tool after Warsh’s hawkish speech last month, I just think it’s time to either raise rates or shut down the market.” Odds of a rate hike were north of 90 percent.
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What you'll learn
- 1 (02:01) **Fed Expected to Raise Interest Rates** - The Federal Reserve is anticipated to raise its benchmark interest rate for the first time in three years to combat inflation.
- 2 (03:27) **How High Will Rates Go?** - The episode examines the potential scale and trajectory of the rate increase.
- 3 (05:43) **New Reports Detail Iran War Costs** - Two new independent reports put the cost of the Iran war at over $30 billion and detail extensive damage to U.S. bases and equipment.
- 4 (07:11) **Future Costs and Strain on Munitions** - The reports also project ongoing costs and highlight the strain on specific high-end weaponry.
- 5 (09:43) **Kennedy Center Board Votes to Shut Down** - The board of the Kennedy Center voted to close the historic arts complex following a legal ruling and a heated board meeting.
- 6 (11:07) **Unanswered Questions About the Shutdown** - The shutdown plan is plagued with unresolved questions about logistics and programming.
- 7 Standout Quotes
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Guests on this episode
Show Notes
Two new government reports put the cost of the Iran war at more than $30 billion and reveal extensive damage to U.S. bases and growing strain on key weapons stockpiles.
The Kennedy Center board voted to close the building for renovations after a federal judge again blocked President Trump’s name from being added, while Trump says he will not move ahead unless that changes.
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Today’s episode of Up First was edited by Rafael Nam, Andrew Sussman, Steve Drummond, Mohamad ElBardicy, and Alice Woelfle.
It was produced by Ziad Buchh and Nia Dumas.
Our director is Christopher Thomas.
We get engineering support from Zac Coleman.
Our technical director is Carleigh Strange.
And our Supervising Producer is Michael Lipkin.
(0:00) Introduction
(01:54) Federal Reserve Interest Rates
(05:29) Reports Reveal Iran War Costs
(09:36) Kennedy Center Closure
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