Warsh at the Fed press conference: this Fed will not waver

Kevin Warsh, chair of the US Federal Reserve, said at his press conference on Wednesday, 29 July 2026, after the decision to hold interest rates, that "this Fed will not waver". He added that five-plus years of inflation above target cannot be cured in nine weeks, or by a single month of modest price decreases.

Warsh noted that the Committee voted 9 to 3 to maintain the target range for the federal funds rate at 3.5 to 3.75 percent, and addressed the re-emergence of dissent on monetary policy and the need to adjust to a post-forward-guidance environment. He said nominal and real yields are materially higher across the Treasury curve, with some of the increases in market interest rates between FOMC meetings among the most significant in the last two decades.

In Warsh's assessment the US economy is showing impressive resilience, with solid growth, job gains keeping pace with the workforce and the unemployment rate changing little. He reaffirmed the Fed's commitment to its 2 percent inflation target.