It was another consequential week for market participants as the Fed made its September interest rate decision. This had a significant impact on markets and will likely have ramifications for consumers and investors going forward. It may also put Fed Chair Warsh at odds with President Trump just before the midterm elections.

On Wednesday, the Fed decided to raise interest rates by 25 basis points to a range of 4 percent to 4.25 percent. This was the first rate increase in three years and bucked the general consensus that rates would fall throughout the course of the year and beyond. Warsh mentioned that inflation has been higher than desired for a long period of time and that economic data suggests that the Fed can focus on price stability without putting the labor market in peril.

It’s unclear if future rate hikes are on the table, and future decisions will likely be based on inflation, employment and other key data as has been customary in recent years. President Trump may be a potential indirect roadblock to more hikes in the short-term. He has long advocated for lower rates, and while the Fed is independent, the president does have the right to appoint its director. Therefore, Warsh may feel some amount of pressure to tread lightly.

On Thursday, unemployment claim data for the last seven days was made public. Over that time period, there were 196,000 requests for benefits, which was lower than the projected 207,000 prior to the release of the latest report. There were 206,000 unemployment benefit claims last week.

The S&P 500 was up 0.46 percent this week to close at 7,646, which was a gain of 34 points over the last five trading days. Over the last month, the index is down 1.69 percent but is up 15 percent over the last 12 months. This week, the market made a low of 7,509 on Wednesday and closed near its weekly high.

The Dow lost 771 points this week to close at 51,682 at the end of trading Friday. This represents a loss of 1.47 percent over the last five trading days for an index that is down 3.42 percent over the last month. Despite the short-term losses, the index is up 12 percent over the last 12 months. This week, the market made a high of 52,576 on Monday and a low of 51,279 on Friday.

Finally, the Nasdaq was up 1.79 percent to close Friday at 26,522. The market gained 449.5 points this week to regain a portion of its losses over the last several weeks. Over the last month, the market is down 0.9 percent and is up 18 percent over the last 12 months. This week, it made a low of 25,866 on Wednesday and a high of 26,537 on Friday.

The Fed was not the only major central bank to make interest rate decisions this week. On Thursday morning, the Bank of England decided to hold its key interest rate steady at 3.75 percent. However, it has indicated that it might vote for a hike in November to remain in sync with actions taken by most other major central banks recently. The Bank of Japan on Thursday night voted to increase its key rate from about 1 percent to about 1.25 percent.

Gold seems to have found an area of resistance on the chart as it tested and bounced off of the $4,300 level this week. The metal finished the week at about $4,400 an ounce. Silver also rallied this week to about $67 an ounce. Oil was also up this week as tensions in Iran continue to result in supply disruptions.

There will be some important news coming out of Europe as Switzerland makes a rate decision on Thursday morning. In addition, the PMI Flash Services and PMI Flash Manufacturing PMI reports come out throughout the week.

The second full week of September saw a slew of important news releases. On Thursday, PPI came in at 0.4 percent, which was in line with expectations. Core PPI came in at 0.2 percent, which was below expectations of a gain of 0.3 percent. Overall PPI was revised upward to a gain of 0.1 percent in July while Core PPI was revised upward to a gain of 0.3 percent in July.

Unemployment claims data also came out on Thursday, and it revealed that 206,000 people applied for benefits over the previous seven days. This is almost identical to last week’s report as well as nearly identical to analyst expectations prior to the release.

On Friday, CPI data came in almost exactly as analysts had predicted prior to the release. Core PPI was up 0.3 percent on a monthly basis, which was slightly above the projected gain of 0.2 percent. Core PPI came in at 2.4 percent on a yearly basis while overall CPI came in at 3.4 percent on a yearly basis. On a monthly basis, overall PPI came in at 0.4 percent.

Finally, the University of Michigan released its consumer sentiment and inflation expectation reports. Consumer sentiment was 47.8 compared to an expected 51 while inflation is expected to be at 4.6 percent in 12 months.

Despite a positive close on Friday, the S&P finished the week down 1.02 percent over the last five trading days. It closed at 7,656 at the end of Friday. Over the last month, it is down 1.32 percent and is up just over 18 percent over the last year. For the week, the index made a high of 7,696 on Tuesday and a low of 7,580 on Thursday.

The Dow lost 1.78 percent over the last five trading days to close at 52,573 at the end of the day Friday. Over the last month, the index is down 2.5 percent but is up 15.8 percent over the last year. This week, it made a high of 52,848 on Tuesday and a low of 52,023 on Thursday.

Finally, the Nasdaq lost 0.86 percent over the last five trading days to finish at 26,333 at the end of trading Friday. The tech-heavy index is down 1.27 percent over the last month but has gained over 21 percent over the past year. This week, the index made a high of 26,400 on Tuesday morning and a low of 26,015 on Thursday morning.

In international news, the Eurozone reported on Monday that its gross domestic product (GDP) was up 0.6 percent in the most recent quarter. On Thursday, the same region decided to increase its main interest rate from 2.4 percent to 2.65 percent. The leader of the European Central Bank said more hikes may be necessary but it could result in economic instability.

Next week will be another interesting one as the Fed is set to meet Wednesday to make its September interest rate decision. Although a rate hike may be on the table, it won’t be a shock to see the status quo prevail. Retail sales data will also be released Wednesday. Those who keep tabs on foreign markets may want to stay tuned for the release of Canadian and British inflation data as well as a rate decision from the Bank of Japan on Thursday.