Key points from the Fed's decision and Warsh press conference: The Fed kept interest rates unchanged, with a target range of 3.75%–4% (the first time it has held steady since the September rate hike). The vote was 10–2, with Cook and Hammack advocating for another rate hike. The statement noted a "strong expansion" in the economy and that inflation "remains high," mentioning increased geopolitical uncertainty; the "higher and longer" tone continued. Chairman Kevin Warsh stated that inflation has been above the 2% target for nearly six consecutive years, calling it "too high," and that controlling inflation is the Fed's responsibility. He also revealed that there will be one meeting in 2027 that will not vote on interest rates, and that only 6 out of 8 meetings in 2028 are expected to determine policy; he declined to provide forward guidance on the December path; interest rates have already impacted technology/AI; most officials believe the economy is not overheated; and he stated that the decision was unrelated to midterm election politics.