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The FOMC voted 12-0 to raise the federal funds rate by a quarter point to a range of 3.75% to 4%, the first increase since July 2023. This is Kevin Warsh's own case for the decision, cut to six minutes with the press questions removed. He argues policy was never tight to begin with, so the committee "removed a dose of accommodation" rather than applying the brakes, and he closes by saying he does not believe the Fed has to damage the labor market to bring inflation down. That answer came in reply to a question from Yahoo Finance's Jennifer Schonberger.
Featuring:
Kevin Warsh, Chair, Board of Governors of the Federal Reserve System
The full 28-minute press conference, with all sixteen reporters' questions and chapters by reporter, is here: [LINK TO FULL ARCHIVE]
Timestamps
0:00 The decision: A quarter point, to 3.75% to 4%
0:20 "Economic activity is expanding at a solid pace"
1:20 "Hard pressed to describe broad financial conditions as restrictive"
1:34 "So we removed a dose of accommodation"
1:46 "Inflation is too high and has been for too long"
2:27 The Jackson Hole standard, and why today it was not met
2:53 "The committee's unanimous vote shows our resolve"
3:59 On oil and groceries: What the Fed can and cannot do
4:18 Three things that changed in seven weeks
5:22 "Inflation is the problem"
6:03 "I don't believe that we need to do harm to the labor markets"
#Fed #KevinWarsh #FOMC #InterestRates #JobMarket #YahooFinance
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