Program and guest
The full post-meeting press conference by Federal Reserve Chair Kevin Warsh, broadcast by CNBC Television. Original English title: Federal Reserve Chairman Kevin Warsh speaks after Fed holds interest rates steady — 10/28/2026. Subtitles cover 0:29–36:06 (total length 36:20); this article covers the opening statement and the question-and-answer session.
Key points
(The following paraphrases the guest’s intended meaning; timestamp links lead to the corresponding points in the original video.)
- The Fed decided to maintain the target range for the federal funds rate at 3.75% to 4% in support of its dual mandate. Economic activity is expanding strongly, domestic spending is resilient, productivity growth is strong, and capital investment is robust, but inflation remains high. The committee believes that “accumulating more information” will help it judge the appropriate policy stance and that it “will achieve price stability.” 2:14
- The employment picture is quite positive: job gains have kept pace with labor force growth, and the unemployment rate has changed little and is below its level a year ago. The four-week average of initial jobless claims is at its lowest level in generations. 1:52
- The meeting schedule will change: of the eight meetings in 2027, one will focus solely on broad monetary policy strategy, with no vote or policy statement; in 2028, there will be two strategy meetings and six policy meetings. Warsh said setting the meeting agenda is not merely an administrative detail but an institutional choice that affects the quality of deliberations. 6:31
- Asked whether the midterm elections affected the decision, Warsh said politics played no role: he spent two days with his colleagues and heard no discussion of politics or elections. 26:52
- Warsh said he does not believe in forward guidance in normal times; it is truly helpful only in extreme circumstances or crises. He does not support it, particularly when the real economy is so strong. 27:59
Background and notes
Subtitles cover 0:29–36:06 (total length 36:20); this article covers the opening statement and the question-and-answer session. The views and timestamps are paraphrased from the original subtitles; timestamps mark the start of the corresponding subtitle segments.