Chairman Kevin Warsh delivers remarks following the Fed's decision to leave rates unchanged

• The Fed kept the Federal Funds Rate unchanged at 3.5%-3.75% with a 9-3 vote, with three members preferring a 1/4 point hike.
• The economy is showing impressive resilience and solid growth, with job gains keeping pace and unemployment stable, despite recent shocks.
• Inflation remains elevated relative to the 2% target, and the Fed is resolute in delivering price stability, emphasizing 'no soft inflation target'.
• Nominal and real yields are materially higher across the Treasury curve, indicating market participants are reacting to real data rather than just Fed commentary.

Federal Reserve Chairman Kevin Warsh announced the FOMC's decision to keep the Federal Funds Rate unchanged at 3.5%-3.75% with a 9-3 vote. He highlighted the economy's impressive resilience and solid growth despite elevated uncertainty and inflation remaining above the 2% target. Warsh reiterated the Fed's resolute commitment to achieving price stability.