{
  "id": 16936353,
  "title": "Fed-Chef Kevin Warsh hält sich aus dem Wahlkampf heraus und lässt den Leitzins, wo er ist",
  "url": "https://urgent.news/2026/10/28/fed-chef-kevin-warsh-halt-sich-aus-dem-wahlkampf-heraus-und-lasst-den",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-28T18:11:03.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/fed-chef-kevin-warsh-haelt-sich-aus-dem-wahlkampf-heraus-und-laesst-den-leitzins-wo-er-ist-ld.10046239"
  },
  "original_language": "de",
  "account": "The United States Federal Reserve maintains a neutral stance in the ongoing election campaign, leaving the federal funds rate unchanged at 3.75% to 4%. Despite persistently high inflation, the central bank's Open Market Committee decided to wait for further data to determine the appropriate policy. While 12 of the 12 voting members supported another rate hike, Members Lisa Cook and Beth Hammack argued for a 0.25% increase. This dissent, however, was unexpected as Cook has consistently followed the majority view and the Fed chairman in the past. The disagreement is attributed to the complex economic situation in the US, which is difficult to interpret. While Hammack voted for tighter monetary policy in the summer, Cook's dissent drew attention, given her history of following the majority and the Fed's chief. The first reaction to the decision was cautious in the stock and bond markets, with yields on 10-year US Treasury bonds slightly rising after the decision's announcement, while the S&P 500 index barely reacted. The Fed's two key figures, Vice Chair Philip Jefferson and John Williams, President of the New York Fed, have hinted that no further changes are imminent. However, neither Kevin Warsh nor they provided any indications of their expected monetary policy. Additionally, next week's midterm elections in the US are not a reason for the Fed's inaction, as an increase in the federal funds rate typically takes time to affect the economy. The Fed focuses on maintaining inflation and employment, rather than political consequences of its decisions. Despite President Donald Trump's warning that the Fed chairman would damage his agenda, the Fed chairman suggested a rate of 1% or lower in the past. Currently, 86% of market participants expect the rate hike to occur at the next meeting in December. The data has not changed significantly, with US inflation remaining high at 3.7% in September, driven by tensions in the Middle East and rising energy costs. The Fed aims for a 2% inflation rate. Despite the geopolitical situation, there is no confidence that inflation will soon drop to 2%. The strong US labor market, characterized by continued hiring in restaurants, hospitals, and construction firms, has also been noted by the Fed. The Open Market Committee stated in its Wednesday Communiqué that the US economy is growing \"robustly.\" Compared to other major industrial nations, the US continues to outperform in terms of economic growth, with the Atlanta Fed's real-time GDP tracker showing growth well above 3% since last month. This growth is driven by strong consumer spending and rising corporate investment, particularly in data centers. Some economists would prefer a more rapid response given the current economic conditions. However, many believe that tightening monetary policy at this point is premature, as inflation remains a key focus for the Fed.",
  "summary": "Die Inflation in den USA ist viel zu hoch. Dennoch findet die Spitze der amerikanischen Notenbank, dass das Zinsniveau vorerst angemessen ist.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Motley Fool",
        "title": "There's a New Source of Inflation, and It's Put Fed Chair Kevin Warsh and the FOMC Between a Rock and a Hard Place",
        "url": "https://urgent.news/2026/10/27/theres-a-new-source-of-inflation-and-its-put-fed-chair-kevin-warsh",
        "published": "2026-10-27T08:06:02.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}