Fed Chair Kevin Warsh acknowledged that progress is being made, but inflation remains too high and a December FOMC rate hike remains our call The Federal Reserve voted 10-2 in favour of leaving the Fed funds target rate range at 3.75%-4%. Only 2bp of a potential 25bp hike was priced ahead of the decision and only 6 of 97 organisations polled by Bloomberg predicted a hike, so this was no surprise and market reaction has been limited. Senior Fed officials, including Vice Chairs Philip Jefferson and Michelle Bowman and Governor Chris Waller, suggested ahead of the decision that they were prepared to move cautiously, seeing little need for back-to-back rate hikes after September's policy change.
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