Federal Reserve holds rates steady and Fed Chair Warsh says central bank to reduce the number of rate-setting meetings in coming years. Bank of Canada raises rates.
The Federal Reserve held steady on rates at the conclusion of its October meeting, maintaining its target range of 3.75% to 4%.
Two members of the Federal Open Market Committee dissented from the decision: Governor Lisa Cook and Cleveland Fed President Beth Hammack were in favor of raising rates by a quarter percentage point.
Fed Chairman Kevin Warsh announced that the central bank will reduce he number of rate-setting meetings starting in 2027, noting that while eight meetings per year is “the right number” for the FOMC, one of them will focus exclusively on broad monetary policy strategy starting in 2027. The remainder will be policy-setting meetings.
https://www.cnbc.com/2026/10/28/fed-meeting-today-live-updates.html
AND
Bank of Canada raises interest rates by 25 basis points to 2.5 per cent: Read the official statement
Watch Live: Fed Chair Warsh Desperately Tries To Explain Why His ‘Pause’ Is Not Political
While the pause decision was entirely expected and priced-in, the explanation is the hard part…
https://www.zerohedge.com/markets/watch-live-fed-chair-warsh-desperately-tries-explain-why-his-pause-not-political
The Kobeissi Letter – SUMMARY OF FED CHAIR WARSH’S STATEMENT:
1. Fed to eliminate 1 interest rate-setting vote beginning in Fall 2027
2. Fed expects to hold just 6 policy-setting meetings in 2028, down from 8 currently
3. Overwhelming consensus is that the “monetary medicine is starting to work”
4. Warsh says he is “unwilling and unable” to call financial conditions tight
5. Warsh says that inflation remains elevated in the US
6. The Fed awaits more information in determining policy path
The Fed is now in “wait and see” mode.
https://x.com/KobeissiLetter/status/2115518969012789494