Fed's Warsh Says Monetary 'Medicine' Starting to Work

Federal Reserve Chairman Kevin Warsh stated that monetary medicine is beginning to work, although no firm conclusions regarding monetary policy currently exist. The Federal Open Market Committee decided to keep interest rates unchanged at 3.75% to 4% shortly before the midterms. This decision saw a rare joint dissent since 1992, as Governor Cook and President Hammack advocated for a rate hike. The central bank maintained its current stance despite these internal disagreements among leadership.