Fed chair Warsh refuses to signal future interest rate moves

Summarised from 2 outlets · Updated 16 Oct, 08:32 · Archive

Federal Reserve Chairman Kevin Warsh said Friday he will not prejudge the Fed's interest rate decisions at upcoming meetings in October and December.

Federal Reserve Chairman Kevin Warsh said Friday he will not prejudge what the central bank will do about interest rates at its upcoming meetings in October and December. During a 'fireside chat' with International Monetary Fund Managing Director Kristalina Georgieva at financial leaders' meetings in Bangkok, Warsh declined to offer signals about the Fed's future direction.

The Fed increased its key interest rate by a quarter-point to about 3.9% in September, its first increase in three years. Stubbornly elevated U.S. inflation will likely lead the Fed to hike rates again in coming months to slow spending and help cool price pressures. According to minutes from the most recent Fed meeting, most officials expect another interest rate increase will likely be needed this year. Such rises would eventually increase borrowing costs for mortgages, car loans and credit cards.

Warsh's refusal to signal future moves came despite U.S. President Donald Trump's repeated calls for the Fed to cut rates. Trump, who appointed Warsh to the role earlier this year, has criticised the Fed's rate-setting committee, though he still expressed support for Warsh himself.

How it is being reported

• Fed chair Warsh says price stability is key but shies away from signals about ratesU.S. Federal Reserve Chairman Kevin Warsh says he won't prejudge what the U.S. central bank will do about interest rates at its upcoming meetings.News4Jax · 16 Oct, 07:51
• Fed chair Warsh says price stability is key but shies away from signals about ratesU.S. Federal Reserve Chairman Kevin Warsh says he won't prejudge what the U.S. central bank will do about interest rates at its upcoming meetings.Clickorlando · 16 Oct, 07:51

In this story: Kevin Warsh · Federal Reserve · Kristalina Georgieva · International Monetary Fund · Donald Trump · Bangkok · United States

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