Speaking to reporters Wednesday afternoon, Federal Reserve Chairman Kevin Warsh provided few details as to why the Federal Open Market Committee (FOMC) decided earlier in the day to leave rates unchanged at its October meeting.
The decision was not altogether surprising, though inflation has accelerated in recent months and the Fed chair has made a point of talking tough on returning inflation to the Fed’s stated 2% target. It has exceeded that level for almost six years.
“Quashing inflation is not about some fixed individual date on a calendar, the same way it’s not about some isolated data point,” Warsh stated during Wednesday's post-FOMC presser. “If it were about those two things, this job would be easier, and we wouldn’t be suffering f...