Fed held rates steady at 3.75 to 4 percent (10 to 2 vote) on Oct 28, 2026. Cook and Hammack dissented, preferring a 25bp hike.FOMC statement highlights: Economy expanding at a strong pace. Domestic spending resilient, productivity strong, capital investment robust. Job gains keeping pace with workforce; unemployment little changed. Inflation remains elevated. More data needed to set policy for a timely return to 2 percent. “The Committee will deliver price stability.”Chairman Kevin Warsh’s press conference (opening statement): Growth strengthened: H1 GDP revised up to 2.4 percent (from 1.8 percent); Q3 looking stronger (consumer spending likely above 3 percent, business investment double digit). High tech investment leading, with broadening elsewhere. Employment solid: jobless rate lower than a year ago, payrolls stronger, UI claims at generational lows. Inflation still too high (above target for about 6 years); main focus of the discussion. Fed’s job is to get it down. Financial conditions have tightened somewhat since the September hike (more discerning capital allocation), but not yet “tight.” Energy and related prices higher recently; must keep relative price moves from broadening and expectations anchored. Geopolitical uncertainty remains. Announced FOMC schedule change starting next fall: still 8 meetings per year, but in 2027 one will be strategy only (no rate vote or statement); in 2028 two strategy meetings and six policy meetings, to allow more time for longer term thinking. In Q&A, Warsh said politics played no role in the decision and described the economy as strong but not overheating in a way that forces inflation, citing productivity gains.