The Fed's decision comes just six days before a midterm election that has focused heavily on concerns around the cost of living and affordability. Consumers have generally soured on an economy weighed down by more expensive gas, groceries, and clothing, among other items. Yet Warsh faces plenty of challenges in getting inflation back to target. Some of the forces pushing up prices — specifically the rapid buildout of artificial intelligence infrastructure and higher energy prices — won't easily be tamed by higher interest rates.
Two Fed officials dissented from Wednesday's decision, with Fed governor Lisa Cook and Federal Reserve Bank of Cleveland President Beth Hammack voting in favor of hiking rates by a quarter point. This is Cook's first dissent since she was appointed to the board by President Joe Biden in 2022…
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