Warsh Says Politics Played No Role in Fed’s Rate Decision by Group He Is ‘Honored’ to Lead
WASHINGTON, Oct 28 (Reuters) - Federal Reserve Chairman Kevin Warsh on Wednesday said he is "honored" to lead the central bank's policymakers and said politics played no role in their decision to skip a rate hike, rebutting at least indirectly President Donald Trump's allegation that the Fed Board is partisan and against him.
Federal Reserve Chairman Kevin Warsh expressed pride in leading the central bank during a news conference on Wednesday, emphasizing that politics had no bearing on the Fed's decision to maintain interest rates at the current level. After the Federal Open Market Committee's two-day meeting, Warsh stated that the decision was made without discussing politics, elections, or any other external factors.
The Federal Open Market Committee concluded that the current policy rate range of 3.75%-4.00% was the appropriate choice for the moment. Warsh highlighted that the Fed would have more data in the coming weeks to inform their deliberations in December, and that this process would remain "information-rich" and "nothing to do" with politics.
President Donald Trump, who has frequently criticized the Fed for not delivering substantial rate cuts, did not personally speak with Warsh about the decision. However, Treasury Secretary Scott Bessent expressed confidence in Warsh's ability to balance economic growth and inflation. Despite the Fed's decision, the administration continues to argue against rate hikes, and Governor Lisa Cook joined the dissenting two governors who favored an additional quarter-point rate hike.
Written by urgent.news from The Japan News by The Yomiuri Shimbun's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
