President Donald Trump speaks to new Federal Reserve Chair Kevin Warsh at his swearing in ceremony in May. The Fed decided to keep interest rates where they are at Warsh's first meeting. File Photo by Yuri Gripas/UPI | License Photo
June 17 (UPI) -- The Federal Reserve left interest rates as they are in new Chairman Kevin Warsh's first meeting Wednesday.
In a short statement after the meeting, Warsh said the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 3.5% to 3.75%.
"Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little," Warsh said in the statement.
"Inflation remains elevated relative to the Committee's 2% goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability."
