{
  "id": 16951427,
  "title": "Fed holds rates steady despite dissents",
  "url": "https://urgent.news/2026/10/28/fed-holds-rates-steady-despite-dissents",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-28T19:50:15.000Z",
  "source": {
    "name": "Semafor",
    "slug": "semafor",
    "url": "https://www.semafor.com/article/10/28/2026/fed-holds-rates-steady-despite-dissents"
  },
  "original_language": "en",
  "account": "The Federal Reserve decided to keep interest rates unchanged on Wednesday, as officials requested more time to decide if additional rate increases would be necessary to curb inflation. Two out of nine voting members, Beth Hammack from the Cleveland Fed and Fed Governor Lisa Cook, disagreed with the decision to leave rates as they are. Both argued for a quarter-point rate hike. Chair Kevin Warsh, known for his tendency to favor higher rates, echoed this sentiment, stating: \"If you think that we’re tolerating some inflation target somewhere [above 2%], let us disabuse you of it.\" Warsh also announced that the Fed will convene one fewer meeting annually beginning in 2027, in order to give the group more time for strategic deliberations.\n\nInvestors interpreted the vote as a signal that the Fed will raise rates in December. The ongoing Iran war has contributed to rising energy costs, while other economic indicators suggest a more favorable outlook. The Trump administration had urged the Fed to hold rates steady prior to the upcoming midterm elections. Warsh affirmed that \"politics played no role\" in the decision to maintain the status quo.\n\nFormer Trump administration nominee for the Fed, Lisa Cook, has been embroiled in allegations of mortgage fraud. The White House has requested that she testify at a private hearing next week regarding these claims. Warsh clarified that he and the Fed will not engage in these proceedings. When asked about the upcoming hearings focused on artificial intelligence, Warsh admitted that his task forces may not complete their work by year-end, and he would attend a hearing related to AI at the Fed. Cook previously noted that AI development is driving inflation, although she believes it is primarily affecting the technology sector. Warsh suggested that higher interest rates are dampening the AI boom, as investors become more cautious about lending to tech companies. He expressed hope that the upcoming AI task force hearing would shed light on the impact of these higher rates on achieving price stability in the coming years.",
  "summary": "The Federal Reserve voted to leave interest rates unchanged today as officials seek more information to decide whether additional hikes would be necessary to tame inflation.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 11,
    "also_reported_by": [
      {
        "outlet": "The Hill",
        "title": "Watch live: Warsh speaks after Fed votes to keep interest rates steady",
        "url": "https://urgent.news/2026/10/28/watch-live-warsh-speaks-after-fed-votes-to-keep-interest-rates-steady",
        "published": "2026-10-28T18:11:32.000Z"
      },
      {
        "outlet": "The Sydney Morning Herald",
        "title": "Fed keeps rates on hold; ASX set to rise, Wall Street steady",
        "url": "https://urgent.news/2026/10/28/fed-keeps-rates-on-hold-asx-set-to-rise-wall-street-steady",
        "published": "2026-10-28T18:16:37.000Z"
      },
      {
        "outlet": "The Age",
        "title": "Fed keeps rates on hold; ASX set to rise, Wall Street steady",
        "url": "https://urgent.news/2026/10/28/fed-keeps-rates-on-hold-asx-set-to-rise-wall-street-steady-16939355",
        "published": "2026-10-28T18:16:37.000Z"
      },
      {
        "outlet": "Quartz",
        "title": "The Fed holds interest rates steady in a split vote before midterm elections",
        "url": "https://urgent.news/2026/10/28/the-fed-holds-interest-rates-steady-in-a-split-vote-before-midterm",
        "published": "2026-10-28T18:30:32.000Z"
      },
      {
        "outlet": "MarketWatch",
        "title": "Why did the Fed hold off on raising interest rates? Warsh says it’s because an ‘information rich’ period is coming.",
        "url": "https://urgent.news/2026/10/28/why-did-the-fed-hold-off-on-raising-interest-rates-warsh-says-its",
        "published": "2026-10-28T19:56:00.000Z"
      },
      {
        "outlet": "Straits Times Business",
        "title": "Wall Street ends higher as Fed holds key rate steady, focus turns to earnings",
        "url": "https://urgent.news/2026/10/28/wall-street-ends-higher-as-fed-holds-key-rate-steady-focus-turns-to",
        "published": "2026-10-28T20:45:40.000Z"
      },
      {
        "outlet": "RTHK News - Finance",
        "title": "US stocks eye big tech earnings as Fed holds rates",
        "url": "https://urgent.news/2026/10/28/us-stocks-eye-big-tech-earnings-as-fed-holds-rates",
        "published": "2026-10-28T21:18:12.000Z"
      },
      {
        "outlet": "Free Malaysia Today",
        "title": "US Fed holds interest rates steady despite ‘too high’ inflation",
        "url": "https://urgent.news/2026/10/28/us-fed-holds-interest-rates-steady-despite-too-high-inflation",
        "published": "2026-10-28T21:45:00.000Z"
      },
      {
        "outlet": "Channel News Asia",
        "title": "US stocks eye big tech earnings as Fed holds rates steady",
        "url": "https://urgent.news/2026/10/28/us-stocks-eye-big-tech-earnings-as-fed-holds-rates-steady",
        "published": "2026-10-28T21:52:42.000Z"
      },
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Wall Street ends higher as Fed holds key rate steady, focus turns to earnings",
        "url": "https://urgent.news/2026/10/28/wall-street-ends-higher-as-fed-holds-key-rate-steady-focus-turns-to-16971183",
        "published": "2026-10-28T22:07:20.000Z"
      }
    ]
  },
  "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."
}