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US Fed Meeting Highlights: Federal Reserve keeps rates unchanged despite elevated inflation US Fed Meeting Highlights: The Federal Reserve kept its benchmark interest rate unchanged on Wednesday, choosing to hold off on further action as it continues to tackle inflation that has remained more persistent than policymakers expected. "The accumulation of more information will help the committee determine the policy stance appropriate to ensure a timely return of inflation to the committee’s 2% goal," policymakers said Wednesday in a post-meeting statement. "The committee will deliver price stability." The Federal Open Market Committee voted 10-2 to hold its benchmark federal funds rate in a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring to raise rates by a quarter percentage point. The decision to hold rates comes less than a week before the November midterm elections. Amid widespread discontent over the economy, Democrats are favoured to win a majority in the House of Representatives and have a polling edge in several key races for the Senate. Thank you for joining our coverage of the US Fed Meeting. We will now wrap up the blog. Good night, folks! US Fed Meeting LIVE Updates: Warsh says he does not favour 'Forward Guidance’ on interest rates Federal Reserve Chair Kevin Warsh reiterated on Wednesday that he does not favour the central bank signalling the future path of interest rates and monetary policy, a practice commonly known as “forward guidance”, except during a crisis or under exceptional circumstances. “I don’t believe in forward guidance, absent exigent circumstances, absent a crisis,” Warsh told reporters after the Fed kept its benchmark federal funds rate unchanged at 3.75%-4%. Warsh said forward guidance had proved useful during the 2008 global financial crisis, referring to economic literature and the thinking of a recent Nobel Prize winner. “But in normal, ordinary times, especially times where the underlying economy is this strong, I don’t believe in it. I don’t favour it,” he said. He added that he made an exception for the darkest days of the 2008 crisis, when forward guidance could help, in part because of academic research and thinking associated with a Nobel Prize winner. However, Warsh said he did not support using the approach in ordinary economic conditions, particularly when the underlying economy was strong. US Fed Meeting LIVE Updates: Warsh says higher interest rates have affected AI infrastructure spending Federal Reserve Chair Kevin Warsh said higher interest rates have affected investment in artificial intelligence (AI) infrastructure, with market participants becoming more selective about where they deploy capital. “Interest rates have had an effect,” Warsh said, adding that investors were “discriminating between the kinds of investments they want to make”. He said credit spreads had widened sharply for some assets, while financial conditions had tightened for others, though “not significantly”. “I don’t believe that they’re somehow divorced from the rest of the economy,” he added. However, Warsh said capital expenditure growth was “not just strong, but it is broadening”. He said it was “much harder” to argue that economic strength was being driven by a small group of sectors than it was several quarters ago. US Fed Meeting LIVE Updates: Warsh says 'politics' had no role in rate decision Federal Reserve Chair Kevin Warsh said politics played no part in Wednesday’s decision to keep interest rates unchanged, saying discussions among policymakers did not touch on the upcoming November 3 midterm elections. “I just spent two days with my colleagues upstairs. I didn’t hear an utterance about politics. I didn’t hear a reference to politics, elections, what’s happening in the next week or so,” Warsh said. “Didn’t hear anything about it, and I don’t believe it had any role in the decision, not just for me, but my colleagues around the room,” he added. US Fed Meeting LIVE Updates: Warsh doesn’t anticipate making rate decision or releasing statement At these policy meetings that will specifically focus on broad strategy, Warsh said he doesn’t anticipate that the Fed will make a rate decision or release a statement. He then said, “It’s not obvious yet” what the Fed would share following these meetings. “There’s more news to come on that,” Warsh said. “The decision on the new format for the meetings is relatively new.” Warsh said there was a “robust discussion” on how to handle these meetings over a few gatherings. US Fed Meeting LIVE Updates: Warsh says economic growth has strengthened Federal Reserve Chairman Kevin Warsh said economic growth has been positive after the agency maintained rates at its October meeting, keeping rates at a range between 3.75% and 4%. “Economic growth has strengthened. The GDP increase in the first half of this year was revised up from an earlier estimate of 1.8 percent up to 2.4 percent, and the third quarter appears to have brought an even more rapid advance,” Warsh said. US Fed Meeting LIVE Updates: Warsh says inflation dominated policy discussions Warsh said the Fed’s discussion over recent days “focused mainly on the price stability side of our remit.” He said the full employment side of its dual mandate has been “quite positive,” citing a decreasing jobless rate compared with a year ago. Warsh also noted that the unemployment insurance claims volume, when looking at a four-week average, is at “the lowest level in generations.” US Fed Meeting LIVE Updates: Fed to cut back rate-setting meetings Fed Chairman Kevin Warsh said the central bank will cut back on the number of meetings where members vote on rates. Said Warsh, “We believe eight meetings per year is the right number for the FOMC, but in 2027, one meeting will focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated. The rest will be regular FOMC policy-setting meetings, and I expect that in 2028 we’ll have two meetings dedicated discussions of strategy and six for setting policy.” US Fed Meeting LIVE Updates: Warsh says financial conditions have tightened since decision to raise rates in September Fed Chairman Kevin Warsh said that following the decision by the central bank to raise interest rates by 25 basis points at its September meeting, there are signs that financial conditions have tightened since. “We have started to see some changes in financial and credit conditions; they have tightened for some businesses and households, much as we would expect,” he said. “Market participants are becoming somewhat more discerning in their capital allocations.” US Fed Meeting LIVE Updates: Gold holds losses after Fed keeps rates steady Gold held losses after the Federal Reserve officials left interest rates unchanged and reiterated their commitment to containing inflation without offering a clear signal on whether to tighten monetary policy in December. Bullion wavered around $4,030 an ounce as Treasury yields held steady in response to Wednesday’s rate decision. US Fed Meeting LIVE Updates: Bond traders see 90% chance of December hike after Fed holds US Treasuries held small losses after the Federal Reserve held interest rates steady and reinforced traders’ expectations that tightening will resume in December. The declines on Wednesday sent yields higher after the rate decision, with those on two-year notes — which are more sensitive to the Fed’s policy path — up about three basis points to 4.76%. Traders were pricing in about a 90% chance of a quarter-point rate increase when policymakers next meet in December. US Fed Meeting LIVE Updates: Here are key takeaways from the Federal Reserve’s interest-rate decision on Wednesday Federal Open Market Committee votes 10-2 to leave its benchmark interest rate in a target range of 3.75%-4% Governor Lisa Cook and Cleveland Fed President Beth Hammack voted against the decision, preferring instead to raise rates by a quarter percentage point Fed says “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2% goal” Fed tweaks statement to say economic activity is expanding at a “strong” pace and repeats, “While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient” Fed repeats job gains “have kept pace with the workforce, and the unemployment rate has changed little” US Fed Meeting LIVE Updates: Oil climbs with Iran attack report and Israeli election in focus Oil rose as traders weighed whether the US could resume military strikes on Iran after next week’s midterms and tracked a tight Israeli election. Brent traded near $115 a barrel after a two-day drop, while West Texas Intermediate was around $103. The US has told several Persian Gulf nations to be prepared for a short, intense campaign, the Wall Street Journal reported, citing unidentified people. US President Donald Trump hasn’t decided to go ahead, but was leaning toward a large post-election attack, the newspaper said. US Fed Meeting LIVE Updates: Fed policymakers seek 'accumulation of more information' to determine next steps In its post-meeting statement, the Fed indicated it will need more data to guide its next steps on policy. “Inflation remains elevated,” the Fed said in its post-meeting statement. “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.” US Fed Meeting LIVE Updates: S&P; 500 remains higher as Fed leaves rates steady The S&P; 500 rose on Wednesday as investors reacted to the Federal Reserve’s latest interest rate decision and awaited earnings reports from mega-cap technology companies. The broad market index gained 0.2%, while the Nasdaq Composite traded around the flatline. The Dow Jones Industrial Average added 87 points, or 0.2%. US Fed Meeting LIVE Updates: Fed's Logan, Kashkari back rate pause despite previous calls for higher rates Dallas Fed President Lorie Logan and Minneapolis Fed President Neel Kashkari had joined Cleveland Fed President Beth Hammack in opposing the rate decision at the committee’s previous meeting in July. Both have also voiced support for higher interest rates. However, Logan and Kashkari backed the majority decision to hold rates steady on Wednesday. US Fed Meeting LIVE Updates: Lisa Cook dissents in Fed rate decision for first time since 2022 appointment Fed Governor Lisa Cook has been embroiled in a dispute with US President Donald Trump, who has sought to remove her over allegations related to information she provided on home loan applications. Although the Supreme Court blocked the move, the administration has renewed its efforts, with a hearing scheduled for early November. Cook’s dissent on Wednesday was her first since joining the Federal Reserve in 2022 after being appointed by then-President Joe Biden. US Fed Meeting LIVE Updates: Fed’s Lisa Cook, Beth Hammack oppose rate pause, seek 25 bps hike Two members of the Federal Open Market Committee (FOMC) voted against the decision to keep interest rates unchanged. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack favoured a quarter-percentage-point rate hike instead. US Fed Meeting LIVE Updates: Fed stays focused on inflation as it awaits more economic data “Inflation remains elevated,” the post-meeting statement said. “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.” US Fed Meeting LIVE Updates: Fed holds interest rates at 3.75%-4% after September hike The Federal Open Market Committee (FOMC) kept the federal funds rate unchanged at 3.75%-4% on Wednesday, in line with market expectations. The rate remains at this level after the Fed raised it by a quarter percentage point in September. US Fed Meeting LIVE Updates: Fed holds rates steady despite concerns over inflation The Federal Reserve kept its benchmark interest rate unchanged on Wednesday, choosing to hold off on further action as it continues to tackle inflation that has remained more persistent than policymakers expected. US Fed Meeting LIVE Updates: Fed leaves interest rates unchanged, as expected US Federal Reserve leaves interest rates unchanged, as expected US Fed Meeting LIVE Updates: S&P; 500 ticks higher ahead of Fed decision The S&P; 500 inched higher on Wednesday as investors awaited a rate policy decision from the Federal Reserve and earnings reports from mega-cap technology companies. The broad market index gained 0.2%, while the Nasdaq Composite traded around the flatline. The Dow Jones Industrial Average added 133 points, or 0.3%. US Fed Meeting LIVE Updates: Palantir’s defense chief sees Chinese threat to Taiwan over AI Palantir Technologies Inc.’s head of defense Mike Gallagher is warning that advances in artificial intelligence capabilities have made it more compelling for Chinese leader Xi Jinping to seize control of Taiwan, a chipmaking hub that has helped fuel the global AI boom. Gallagher, a former Republican member of Congress who led a hawkish House committee focused on US strategic competition with China, said on Wednesday that Taiwan’s importance to AI development has grown to the point that Xi may need to act on Beijing’s designs toward the island — especially in light of the competition between the US and China to dominate the technology. US Fed Meeting LIVE Updates: Microsoft and Alphabet earnings put focus on AI cash flow drain Microsoft Corp. and Alphabet Inc. shares have gone separate ways since the companies’ last earnings reports as Wall Street increasingly digs in on the way heavy artificial intelligence spending is weighing on corporate bottom lines. With the two technology giants and major AI players poised to post their results after the bell Wednesday, recent stock market trading indicates that investors give Microsoft an edge. Its shares have soared 35% since the company’s July 29 earnings report showed the fastest cloud growth in four years, sparking their best day since 2008. US Fed Meeting LIVE Updates: Anthropic is said to plan UK share offering via RetailBook Anthropic PBC is working with investment platform RetailBook to market its shares to UK retail traders as part of its mammoth initial public offering, according to people familiar with the matter. The AI lab filed for a New York IPO on Monday that could be the world’s largest ever. In the filing, Anthropic said it would make its shares available to mom-and-pop investors in the UK and parts of continental Europe. Anthropic will follow Elon Musk’s SpaceX in bypassing the need for a UK prospectus by using the country’s “public offer platform,” said the people, who asked not to be identified, discussing private matters. US Fed Meeting LIVE Updates: Fed seen holding rates as Warsh pushes for less clarity on future policy Wall Street expects the Federal Reserve to keep its benchmark interest rate unchanged at this meeting, putting the focus on any signals about the direction of monetary policy in the coming months. However, Fed Chair Kevin Warsh has advocated limiting guidance on future rate decisions since taking charge of the central bank. US Fed Meeting LIVE Updates: S&P; 500 churns in countdown to Fed, tech earnings Wall Street investors refrained from making big moves before key tech results and a Federal Reserve decision that will shape the outlook for markets through the remainder of 2026. Following back-to-back gains, the S&P; 500 fluctuated. A gauge of chipmakers rose for a fourth straight day. The artificial-intelligence trade that has powered the bull run will face a fresh test when Microsoft Corp. and Alphabet Inc. report earnings later Wednesday. Another advance in oil prices stoked inflation concerns, sending benchmark Treasury yields higher. US Fed Meeting LIVE Updates: Fed seen holding rates as Warsh pushes for less clarity on future policy Wall Street expects the Federal Reserve to keep its benchmark interest rate unchanged at this meeting, putting the focus on any signals about the direction of monetary policy in the coming months. However, Fed Chair Kevin Warsh has advocated limiting guidance on future rate decisions since taking charge of the central bank. US Fed Meeting LIVE Updates: US bans Chinese genomics companies, citing forced labour The US placed an effective ban on imports from the Chinese genomics powerhouse BGI Group and two related entities, one of the most striking applications yet of a law seeking to block goods allegedly made by forced labour from entering the country. The Department of Homeland Security added BGI Group, its publicly traded genomics-testing unit BGI Genomics Co., and the spinoff MGI Tech Co. to the Uyghur Forced Labour Prevention Act Entity List, according to a Federal Register notice posted Wednesday. The designation creates a presumption that the companies’ goods are made with forced labour and can’t enter the US unless importers prove otherwise.
US Fed Meeting Highlights: Federal Reserve keeps rates unchanged despite elevated inflation US Fed Meeting Highlights: The Federal Reserve kept its benchmark interest rate unchanged on Wednesday, choosing to hold off on further action as it continues to tackle inflation that has remained more persistent than policymakers expected. "The accumulation of more information will help the committee determine the policy stance appropriate to ensure a timely return of inflation to the committee’s 2% goal," policymakers said Wednesday in a post-meeting statement. "The committee will deliver price stability." The Federal Open Market Committee voted 10-2 to hold its benchmark federal funds rate in a range of 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring to raise rates by a quarter percentage point. The decision to hold rates comes less than a week before the November midterm elections. Amid widespread discontent over the economy, Democrats are favoured to win a majority in the House of Representatives and have a polling edge in several key races for the Senate. Thank you for joining our coverage of the US Fed Meeting. We will now wrap up the blog. Good night, folks! US Fed Meeting LIVE Updates: Warsh says he does not favour 'Forward Guidance’ on interest rates Federal Reserve Chair Kevin Warsh reiterated on Wednesday that he does not favour the central bank signalling the future path of interest rates and monetary policy, a practice commonly known as “forward guidance”, except during a crisis or under exceptional circumstances. “I don’t believe in forward guidance, absent exigent circumstances, absent a crisis,” Warsh told reporters after the Fed kept its benchmark federal funds rate unchanged at 3.75%-4%. Warsh said forward guidance had proved useful during the 2008 global financial crisis, referring to economic literature and the thinking of a recent Nobel Prize winner. “But in normal, ordinary times, especially times where the underlying economy is this strong, I don’t believe in it. I don’t favour it,” he said. He added that he made an exception for the darkest days of the 2008 crisis, when forward guidance could help, in part because of academic research and thinking associated with a Nobel Prize winner. However, Warsh said he did not support using the approach in ordinary economic conditions, particularly when the underlying economy was strong. US Fed Meeting LIVE Updates: Warsh says higher interest rates have affected AI infrastructure spending Federal Reserve Chair Kevin Warsh said higher interest rates have affected investment in artificial intelligence (AI) infrastructure, with market participants becoming more selective about where they deploy capital. “Interest rates have had an effect,” Warsh said, adding that investors were “discriminating between the kinds of investments they want to make”. He said credit spreads had widened sharply for some assets, while financial conditions had tightened for others, though “not significantly”. “I don’t believe that they’re somehow divorced from the rest of the economy,” he added. However, Warsh said capital expenditure growth was “not just strong, but it is broadening”. He said it was “much harder” to argue that economic strength was being driven by a small group of sectors than it was several quarters ago. US Fed Meeting LIVE Updates: Warsh says 'politics' had no role in rate decision Federal Reserve Chair Kevin Warsh said politics played no part in Wednesday’s decision to keep interest rates unchanged, saying discussions among policymakers did not touch on the upcoming November 3 midterm elections. “I just spent two days with my colleagues upstairs. I didn’t hear an utterance about politics. I didn’t hear a reference to politics, elections, what’s happening in the next week or so,” Warsh said. “Didn’t hear anything about it, and I don’t believe it had any role in the decision, not just for me, but my colleagues around the room,” he added. US Fed Meeting LIVE Updates: Warsh doesn’t anticipate making rate decision or releasing statement At these policy meetings that will specifically focus on broad strategy, Warsh said he doesn’t anticipate that the Fed will make a rate decision or release a statement. He then said, “It’s not obvious yet” what the Fed would share following these meetings. “There’s more news to come on that,” Warsh said. “The decision on the new format for the meetings is relatively new.” Warsh said there was a “robust discussion” on how to handle these meetings over a few gatherings. US Fed Meeting LIVE Updates: Warsh says economic growth has strengthened Federal Reserve Chairman Kevin Warsh said economic growth has been positive after the agency maintained rates at its October meeting, keeping rates at a range between 3.75% and 4%. “Economic growth has strengthened. The GDP increase in the first half of this year was revised up from an earlier estimate of 1.8 percent up to 2.4 percent, and the third quarter appears to have brought an even more rapid advance,” Warsh said. US Fed Meeting LIVE Updates: Warsh says inflation dominated policy discussions Warsh said the Fed’s discussion over recent days “focused mainly on the price stability side of our remit.” He said the full employment side of its dual mandate has been “quite positive,” citing a decreasing jobless rate compared with a year ago. Warsh also noted that the unemployment insurance claims volume, when looking at a four-week average, is at “the lowest level in generations.” US Fed Meeting LIVE Updates: Fed to cut back rate-setting meetings Fed Chairman Kevin Warsh said the central bank will cut back on the number of meetings where members vote on rates. Said Warsh, “We believe eight meetings per year is the right number for the FOMC, but in 2027, one meeting will focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated. The rest will be regular FOMC policy-setting meetings, and I expect that in 2028 we’ll have two meetings dedicated discussions of strategy and six for setting policy.” US Fed Meeting LIVE Updates: Warsh says financial conditions have tightened since decision to raise rates in September Fed Chairman Kevin Warsh said that following the decision by the central bank to raise interest rates by 25 basis points at its September meeting, there are signs that financial conditions have tightened since. “We have started to see some changes in financial and credit conditions; they have tightened for some businesses and households, much as we would expect,” he said. “Market participants are becoming somewhat more discerning in their capital allocations.” US Fed Meeting LIVE Updates: Gold holds losses after Fed keeps rates steady Gold held losses after the Federal Reserve officials left interest rates unchanged and reiterated their commitment to containing inflation without offering a clear signal on whether to tighten monetary policy in December. Bullion wavered around $4,030 an ounce as Treasury yields held steady in response to Wednesday’s rate decision. US Fed Meeting LIVE Updates: Bond traders see 90% chance of December hike after Fed holds US Treasuries held small losses after the Federal Reserve held interest rates steady and reinforced traders’ expectations that tightening will resume in December. The declines on Wednesday sent yields higher after the rate decision, with those on two-year notes — which are more sensitive to the Fed’s policy path — up about three basis points to 4.76%. Traders were pricing in about a 90% chance of a quarter-point rate increase when policymakers next meet in December. US Fed Meeting LIVE Updates: Here are key takeaways from the Federal Reserve’s interest-rate decision on Wednesday Federal Open Market Committee votes 10-2 to leave its benchmark interest rate in a target range of 3.75%-4% Governor Lisa Cook and Cleveland Fed President Beth Hammack voted against the decision, preferring instead to raise rates by a quarter percentage point Fed says “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2% goal” Fed tweaks statement to say economic activity is expanding at a “strong” pace and repeats, “While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient” Fed repeats job gains “have kept pace with the workforce, and the unemployment rate has changed little” US Fed Meeting LIVE Updates: Oil climbs with Iran attack report and Israeli election in focus Oil rose as traders weighed whether the US could resume military strikes on Iran after next week’s midterms and tracked a tight Israeli election. Brent traded near $115 a barrel after a two-day drop, while West Texas Intermediate was around $103. The US has told several Persian Gulf nations to be prepared for a short, intense campaign, the Wall Street Journal reported, citing unidentified people. US President Donald Trump hasn’t decided to go ahead, but was leaning toward a large post-election attack, the newspaper said. US Fed Meeting LIVE Updates: Fed policymakers seek 'accumulation of more information' to determine next steps In its post-meeting statement, the Fed indicated it will need more data to guide its next steps on policy. “Inflation remains elevated,” the Fed said in its post-meeting statement. “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.” US Fed Meeting LIVE Updates: S&P; 500 remains higher as Fed leaves rates steady The S&P; 500 rose on Wednesday as investors reacted to the Federal Reserve’s latest interest rate decision and awaited earnings reports from mega-cap technology companies. The broad market index gained 0.2%, while the Nasdaq Composite traded around the flatline. The Dow Jones Industrial Average added 87 points, or 0.2%. US Fed Meeting LIVE Updates: Fed's Logan, Kashkari back rate pause despite previous calls for higher rates Dallas Fed President Lorie Logan and Minneapolis Fed President Neel Kashkari had joined Cleveland Fed President Beth Hammack in opposing the rate decision at the committee’s previous meeting in July. Both have also voiced support for higher interest rates. However, Logan and Kashkari backed the majority decision to hold rates steady on Wednesday. US Fed Meeting LIVE Updates: Lisa Cook dissents in Fed rate decision for first time since 2022 appointment Fed Governor Lisa Cook has been embroiled in a dispute with US President Donald Trump, who has sought to remove her over allegations related to information she provided on home loan applications. Although the Supreme Court blocked the move, the administration has renewed its efforts, with a hearing scheduled for early November. Cook’s dissent on Wednesday was her first since joining the Federal Reserve in 2022 after being appointed by then-President Joe Biden. US Fed Meeting LIVE Updates: Fed’s Lisa Cook, Beth Hammack oppose rate pause, seek 25 bps hike Two members of the Federal Open Market Committee (FOMC) voted against the decision to keep interest rates unchanged. Fed Governor Lisa Cook and Cleveland Fed President Beth Hammack favoured a quarter-percentage-point rate hike instead. US Fed Meeting LIVE Updates: Fed stays focused on inflation as it awaits more economic data “Inflation remains elevated,” the post-meeting statement said. “The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee’s 2 percent goal. The Committee will deliver price stability.” US Fed Meeting LIVE Updates: Fed holds interest rates at 3.75%-4% after September hike The Federal Open Market Committee (FOMC) kept the federal funds rate unchanged at 3.
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