Fed Holds Rates in a 10-2 Vote: Warsh Says the “Monetary Medicine” Is Working

The Fed held rates at 3.75% to 4.00% today, as expected. The vote, however, was split 10-2. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, as both wanted a quarter-point hike right away. Afterward, Chair Kevin Warsh said the Fed’s “monetary medicine” is starting to work, while insisting that 2% remains the target. This morning I laid out the setup in the FOMC October 28 preview . Here is what the Fed decided, what Warsh said, and how crypto reacted. What the Fed Decided The committee voted 10-2 to leave the federal funds range unchanged.