The first major decision at the Federal Reserve under new Chairman Kevin Warsh has come and gone, but little has changed.
On Wednesday, the Fed announced that the interest rate would hold at between 3.5% and 3.75%, despite calls from Dallas Fed President Lorie Logan and others for a “modest” increase.
‘We will deliver price stability.’
The decision was released at 2 p.m. ET, revealing that Warsh and eight other committee members had voted in favor of a fifth straight hold on rates, while three opposed.
Shortly after the announcement, Warsh spoke publicly.
“The economy is showing impressive resilience,” Warsh said. “Even with recent shocks, the trends are positive and reveal solid growth. Job gains have kept pace with the workforce, and the unemployment rate has changed little.”
Warsh also admitted that “inflation remains elevated relative to the committee’s 2% goal,” but promised: “We will deliver price stability.”
The White House did not immediately respond to a request for comment from Blaze News.
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President Donald Trump has pushed for years for the Fed to lower interest rates. “Interest Rates too high!” he posted on Truth Social back in May.
On Monday, Trump said of Warsh: “Kevin’s fantastic, but he’s got a board, and the board members are very political. He wants to do the right thing. I know what he wants to do. But you need the consent of some people that have perhaps bad intentions. Rates should be lowered.”
Trump nominated Warsh to be Fed chair back in January, and he was confirmed in May. Warsh replaced longtime Chair Jerome Powell, who repeatedly butted heads with Trump over interest rates.
Trump nicknamed Powell “Too Late” and called him a “DISASTER” because of his reluctance to lower interest rates.
“Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him,” Trump wrote in April.
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