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FOMC Votes 10-2 to Keep Rates Unchanged

By Drooid · Oct 29, 2026 · How we work

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Summary

Fed Chair Kevin Warsh announced the Federal Reserve kept its benchmark rate at 3.75%-4.00%.
The Federal Open Market Committee voted 10-2 to maintain rates on Oct. 28, 2026.
Governors Lisa Cook and Beth Hammack each voted for a quarter-point rate hike.
Warsh said politics played no role despite President Donald Trump’s partisan accusations.
September CPI rose 3.7% year-over-year and core CPI was 2.6%, above target.

History

When the FOMC, chaired by Kevin Warsh, voted unanimously on 16 September 2026 to hold the federal-funds target at 3.75-4.00 %, the decision echoed Paul Volcker’s 1979-80 battle against stagflation. Volcker, confirmed as Fed chair in August 1979, lifted rates to a 20 % peak in June 1981, driving inflation from a 14.8 % high in March 1980 down below 3 % by 1983.

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When the FOMC, chaired by Kevin Warsh, voted unanimously on 16 September 2026 to hold the federal-funds target at 3.75-4.00 %, the decision echoed Paul Volcker’s 1979-80 battle against stagflation. Volcker, confirmed as Fed chair in August 1979, lifted rates to a 20 % peak in June 1981, driving inflation from a 14.8 % high in March 1980 down below 3 % by 1983.

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