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Dive Brief:
The Federal Reserve on Wednesday held the main interest rate at a range between 3.5% and 3.75%. The decision came after a two-day meeting, as the central bank seeks to foster price stability amid conflict and “elevated uncertainty” in the Middle East, according to a statement.
The decision was made with a 9-3 vote, with Neel Kashkari, president of the Federal Reserve Bank of Minneapolis; Beth M. Hammack, president of the Federal Reserve Bank of Cleveland; and Lorie K. Logan, president of the Federal Reserve Bank of Dallas dissenting in favor of a 0.25% hike to the federal funds rate, according to the central bank.
“I asked for a good family fight, and I got one,” Federal Reserve Chairman Kevin Warsh said of the dissenting votes Wednesday in response to a question during his second press conference as chair. “My view is that’s the better way to get policy right; that’s our North Star.”
