The Federal Reserve kept interest rates unchanged at its latest meeting, the first since Kevin Warsh took over as chair. Warsh told reporters that politics played no role in the decision by the committee he said he is 'honored' to lead, and he said the US economy is not running too hot.
Warsh also announced changes to how future FOMC meetings will be structured, though the specifics of those changes were not detailed. He said he plans to attend a Fed jobs and productivity task force hearing to refine his views on where the labor market stands.
Markets stayed muted in reaction, according to desk commentary from Seeking Alpha. But The Motley Fool noted the hold came just ahead of the midterms, and that a December rate hike now looks all but certain to traders pricing in the Fed's next move.
What remains unresolved is whether Warsh's procedural changes to FOMC meetings signal a shift in how the committee will communicate going forward, or are simply administrative. The market's muted response suggests investors are waiting for more clarity before repricing.