Kevin Warsh News Updates

The Fed’s decision came just six days before a midterm election that has focused heavily on concerns around the cost of living and affordability.

The quarter-point increase lifts the Fed’s key rate to about 3.9% and, over time, could result in higher borrowing costs for mortgages, auto loans and credit cards.

A quarter-point increase in the Fed's rate, currently about 3.6%, isn't guaranteed because Fed Chair Kevin Warsh doesn't provide the signals about next moves that his predecessors did.

Kevin Warsh acknowledged that recent inflation reports show it has cooled a bit, but “they do not tell me that underlying trends have meaningfully improved.”

The Fed’s rate-setting committee reached the 9-3 decision after two days of deliberations, marking the fifth straight meeting at which the benchmark rate was kept at around 3.6%.

In an unusually short statement after their two-day meeting, Fed officials dropped language that had suggested their next move would be to cut their key rate.