Fed Chairman Kevin Warsh: This committee will deliver price stability

• Fed keeps federal funds rate unchanged at 3.5%-3.75% in a unanimous vote.
• Economic activity is expanding at a solid pace, with strong productivity growth and capital investment, and job gains keeping pace with the workforce.
• Inflation remains elevated relative to the 2% goal, but the committee is 'unambiguous and unanimous' in its commitment to deliver price stability.
• The Fed dropped its easing bias from the post-meeting statement and removed 'forward guidance', opting for a shorter, simpler policy statement.
• Median economic projections for this year include 2.2% real GDP growth, 3.6% PCE inflation, and an unemployment rate of about 4.3%.

Federal Reserve Chairman Kevin Warsh announced the FOMC's unanimous decision to keep the federal funds rate unchanged at 3.5%-3.75%. He highlighted solid economic expansion, strong productivity, and stable employment, while acknowledging persistent elevated inflation. The committee reaffirmed its commitment to price stability and streamlined its policy statement by dropping easing bias and forward guidance.