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Politics · October 28, 2026

The Fed’s decision to hold interest rates steady helps Warsh deny Tehran a say over monetary policy

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The Federal Reserve voted 10-2 on Wednesday to maintain its benchmark interest rate at 3.75% to 4%, the final policy decision before the upcoming midterm elections. Federal Reserve Chair Kevin Warsh stated that political considerations played no role in the pause, despite the Trump administration's warnings against a rate hike. Inflation remained at 3.7% in September, well above the central bank's 2% target, driven largely by rising energy costs linked to the ongoing conflict with Iran. Two board members, Lisa Cook and Beth Hammack, dissented in favor of a quarter-point increase. Markets and investors generally anticipated the hold but remain expectant of a potential hike in December.

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Reported across the spectrum

  • The Federal Reserve held interest rates steady at a range of 3.75% to 4%.
  • The vote was 10-2, with Lisa Cook and Beth Hammack dissenting in favor of a 0.25% increase.
  • September's annual inflation rate was 3.7%.
  • This was the final Fed meeting before the midterm elections.
  • Chair Kevin Warsh stated that politics played no role in the decision.

Reported by only some outlets

  • The Fed plans to reduce its number of annual votes by one starting in 2027.
  • Mortgage rates are currently near 7.3%.
  • Builder confidence is at a 14-year low.
  • Gasoline prices rose 34.2% over the last year as of the September report.
  • The 10-year Treasury yield traded just above 5% on the day of the announcement.
  • The previous month's rate hike was the first since 2023.

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