Federal Reserve Chair Kevin Warsh recognized persistent inflation's impact on the economy and reaffirmed policymakers' commitment to delivering price stability a little more than a week before policymakers' next interest rate decision. He said the economy has broadly performed as they expected after the Federal Open Market Committee voted last month to raise the target range for short-term rates to 3.75% to 4% aiming to tame the pace of rising prices. Since their last meeting, they received news that year-over-year U.S. consumer price inflation rose to 3.7% in September, well above the Fed's 2% target and up from 3.4% the month before. As usual , he declined to give any direct answer on how the committee will vote after their next meeting on Oct. 28.
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