Fed Holds Rates Steady; Warsh Overhauls Meeting Schedule, Inflation Uncertainty Remains

The Fed left rates unchanged at 3.75%-4%. Chair Warsh announced plans to reduce voting meetings and set aside time for strategy discussions. He offered no clear trigger for another rate hike, citing the need for more data. Inflation remains above 2%. Two dissents favored a hike. Markets took the tone as slightly dovish.