Warsh held another press conference that was practically meaningless. As expected, the Fed held rates steady, keeping them unchanged. Two out of twelve voters wanted a rate hike, and even Governor Cook, who had never voted against it since taking office, raised his hand. The 10-year Treasury yield immediately jumped to 5.05%. Even more outrageous, Warsh casually changed the rules: starting next year, there will only be six opportunities a year to adjust interest rates. When asked about the midterm elections, he said politics wouldn't play a role in decision-making; the actual course of action would depend on the data—repeatedly repeating the same points. Forget about rate cuts. Anything that doesn't happen in December is a blessing.