What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'
Published . Updated .
Key takeaways
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Federal Reserve Chair Kevin Warsh said at his Oct. 28 press conference that he was skeptical of the view that rate hikes would not affect AI investment, saying "interest rates get in the cracks" and …
Directly affected
- No company is named in this report.
Indirectly affected
- TLT iShares 20+ Year Treasury Bond ETF-2.9% 30d
iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story.
- IEF iShares 7-10 Year Treasury Bond ETF-1.2% 30d
iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story.
- QQQ Invesco QQQ-9.8% 30d
Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story.
- JPM JPMorgan Chase+0.1% 30d
JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- BAC Bank of America-11.4% 30d
Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- DHI D.R. Horton+9.3% 30d
D.R. Horton (operative builders): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- SCHW The Charles Schwab
The Charles Schwab (security brokers, dealers and flotation companies): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story.
- MSFT Microsoft+4.1% 30d
Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| TLT | -0.24% | -0.19% | base | after close | after close | after close | after close |
| IEF | -0.38% | -0.22% | base | after close | after close | after close | after close |
| QQQ | +3.80% | +5.39% | base | after close | after close | after close | after close |
| JPM | +1.86% | +5.31% | base | after close | after close | after close | after close |
| BAC | +0.30% | +4.48% | base | after close | after close | after close | after close |
| DHI | +0.44% | +3.14% | base | after close | after close | after close | after close |
| SCHW | -3.01% | +2.05% | base | after close | after close | after close | after close |
| MSFT | -4.44% | +4.80% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks' MLQ.ai
Source: MLQ.ai
Ishares Tr (TLT) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Bank Of America (BAC) | three days earlier | +4.48% | final price |
| Bank Of America (BAC) | five days earlier | +0.30% | final price |
| Horton D R (DHI) | three days earlier | +3.14% | final price |
| Horton D R (DHI) | five days earlier | +0.44% | final price |
| Ishares Tr (IEF) | three days earlier | -0.22% | final price |
| Ishares Tr (IEF) | five days earlier | -0.38% | final price |
| Jpmorgan Chase (JPM) | three days earlier | +5.31% | final price |
| Jpmorgan Chase (JPM) | five days earlier | +1.86% | final price |
| Microsoft (MSFT) | three days earlier | +4.80% | final price |
| Microsoft (MSFT) | five days earlier | -4.44% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | three days earlier | +5.39% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | five days earlier | +3.80% | final price |
| Schwab Charles (SCHW) | three days earlier | +2.05% | final price |
| Schwab Charles (SCHW) | five days earlier | -3.01% | final price |
| Ishares Tr (TLT) | three days earlier | -0.19% | final price |
| Ishares Tr (TLT) | five days earlier | -0.24% | final price |
Trades by members of Congress and officials in the stocks in this story
- Sen. John Boozman bought Ishares Tr (IEF) (jointly held), worth $1,001 - $15,000 on 9 Sep 2026. That is 60 days before publication. Filed 21 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM) (held by a spouse), worth $15,001 - $50,000 on 4 Sep 2026. That is 65 days before publication. Filed 1 Oct 2026. View the filing.
- Sen. Sheldon Whitehouse sold Jpmorgan Chase (JPM), worth $15,001 - $50,000 on 4 Sep 2026. That is 65 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Jpmorgan Chase (JPM) (held by a spouse), worth $100,001 - $250,000 on 27 Aug 2026. That is 73 days before publication. Filed 4 Sep 2026. View the filing.
- Rep. Rohit Khanna sold Bank Of America (BAC) (held by a spouse), worth $1,001 - $15,000 on 9 Sep 2026. That is 60 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Laurel Lee sold Bank Of America (BAC) (held by a spouse), worth $50,001 - $100,000 on 24 Aug 2026. That is 76 days before publication. Filed 16 Oct 2026. View the filing.
- Donald J Trump, an executive branch official, bought Horton D R (DHI), worth $15,001 - $50,000 on 17 Aug 2026. That is 83 days before publication. Filed 8 Oct 2026. View the filing.
- Sen. Shelley M Capito sold Microsoft (MSFT) (held by a spouse), worth $1,001 - $15,000 on 21 Oct 2026. That is 18 days before publication. Filed 4 Nov 2026. View the filing.
- Sen. Sheldon Whitehouse sold Microsoft (MSFT) (held by a spouse), worth $1,001 - $15,000 on 15 Oct 2026. That is 24 days before publication. Filed 2 Nov 2026. View the filing.
- Rep. Pete Sessions sold Microsoft (MSFT) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 37 days before publication. Filed 27 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Ishares Tr (TLT)
Companies mentioned with this story
- TLT Ishares Tr
Ishares Tr (TLT) is linked, with no stored direction, medium confidence in the 8 Nov 2026 story “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'.” Reason on file: iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
- IEF Ishares Tr
In “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks',” Ishares Tr (IEF) is linked, with no stored direction, medium confidence. Reason on file: iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
- QQQ Invesco Qqq Trust, Series 1
In “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks',” Invesco Qqq Trust, Series 1 (QQQ) is linked, with no stored direction, medium confidence. Reason on file: Invesco QQQ: it holds the big tech and AI names. Linked by “ai” (AI and big tech) in this story
- JPM Jpmorgan Chase
Jpmorgan Chase (JPM) is linked, with no stored direction, medium confidence in the 8 Nov 2026 story “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'.” Reason on file: JPMorgan Chase (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- BAC Bank Of America
In “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks',” Bank Of America (BAC) is linked, with no stored direction, medium confidence. Reason on file: Bank of America (national commercial banks): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- DHI Horton D R
Horton D R (DHI) is linked, with no stored direction, medium confidence in the 8 Nov 2026 story “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'.” Reason on file: D.R. Horton (operative builders): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- SCHW Schwab Charles
Schwab Charles (SCHW) is linked, with no stored direction, medium confidence in the 8 Nov 2026 story “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'.” Reason on file: The Charles Schwab (security brokers, dealers and flotation companies): rate changes move lenders' margins and borrowers' demand. Linked by “fed” (US interest rates) in this story
- MSFT Microsoft
Microsoft (MSFT) is linked, with no stored direction, medium confidence in the 8 Nov 2026 story “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'.” Reason on file: Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “ai” (AI and big tech) in this story
Ishares Tr (TLT)
The 8 Nov 2026 story “What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'” names Ishares Tr (TLT) because of this story.
What ties Ishares Tr (TLT) to the headline is this: iShares 20+ Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
Also listed, Ishares Tr (IEF): iShares 7-10 Year Treasury Bond ETF: Treasury bond prices move with interest-rate expectations. Linked by “fed” (US interest rates) in this story
Dates in the story, and the Ishares Tr (TLT) price range
IEF traded between 88.64 and 90.69 across 17 sessions. The latest close on file is 90.08. QQQ traded between 680.34 and 757.18 across 20 sessions. The latest close on file is 685.32. TLT traded between 76.44 and 80.56 across 17 sessions. The latest close on file is 79.46.
A simple score for Ishares Tr (TLT)
46 out of 100
“What Fed Chair Kevin Warsh said about AI and interest rates: 'Interest rates get in the cracks'” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.