Warsh Defends Steady Interest Rates Amid Growing Dissent and Crypto Volatility

Federal Reserve Chair Kevin Warsh has defended keeping interest rates steady as dissent grows among committee members. On July 29, 2026, the Federal Open Market Committee voted 9-3 to keep the federal funds rate in the 3.5%-3.75% range.

This decision marked the fifth consecutive meeting without a rate change. In a clear statement of intent, Warsh said 'there is no soft inflation target.'

The Fed's chair pointed to external pressures as complicating factors, citing geopolitical conflicts and tariff-driven cost increases as ongoing sources of inflation risk.