US Fed keeps rates unchanged despite elevated inflation, gives little signal of next move

The Federal Reserve held its key rate at about 3.9 percent in Washington on Wednesday, citing elevated inflation and offering little guidance on its next move. The decision came after the Fed raised rates last month for the first time in three years, and two officials dissented in favor of another increase. Chairman Kevin Warsh said financial and credit conditions had tightened for some businesses and households. Inflation and affordability concerns are prominent ahead of a midterm election six days away.

The Fed’s inflation target is 2 percent, and its statement said it wanted more information before deciding what policy would support a timely return to that target.

Fed governor Lisa Cook and Cleveland Fed President Beth Hammack voted for a quarter-point rate increase, dissenting from the decision.

The average 30-year mortgage rate reached 7.4 percent earlier in the month, a three-year high, before slipping slightly.

Oxford Economics estimated that higher mortgage rates had made homebuying unaffordable for 5 million more Americans since the beginning of the year.

The personal consumption expenditures price index was forecast to show a 3.6 percent year-over-year increase in September, compared with 3.4 percent in August; core prices were forecast to rise 3.1 percent, up from 3 percent.

Published Oct 29, 2026 3:20 am KST

Updated Oct 29, 2026 4:27 am KST

U.S. Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), as the Federal Reserve holds interest rates steady, at the Federal Reserve, in Washington, D.C., Jul. 29. Reuters-Yonhap

WASHINGTON — The Federal Reserve kept its key rate unchanged Wednesday at about 3.9 percent despite stubbornly high inflation, while providing little hint about the central bank’s next moves.

“Inflation remains elevated,” the Fed said in a statement released after its two-day policy meeting. Holding off on an increase will allow “the accumulation of more information” that will help determine what policy the Fed should pursue “to ensure a timely return of inflation” to the central bank’s 2 percent inflation target, the statement said.

The Fed, led by Chairman Kevin Warsh, raised its benchmark rate last month for the first time in three years, defying President Donald Trump’s demands for rate cuts, in an effort to get inflation back to its 2 percent target in a “timelier” manner. The Fed is tasked by Congress to combat inflation, and it does so by lifting rates to slow borrowing and spending and cool price increases. The statement leaves the Fed’s next moves unclear, even though officials last month penciled in another rate hike for this year. Wall Street investors have also priced in a rate hike in December, according to futures markets.

The Fed’s decision comes just six days before a midterm election that has focused heavily on concerns around the cost of living and affordability . Consumers have generally soured on an economy weighed down by more expensive gas, groceries, and clothing, among other items. Yet Warsh faces plenty of challenges in getting inflation back to target. Some of the forces pushing up prices — specifically the rapid buildout of artificial intelligence infrastructure and higher energy prices — won’t easily be tamed by higher interest rates.

Still, at a news conference following the announcement, Warsh said the Fed has “started to see some changes in financial and credit conditions. They have tightened for some businesses and households."

Parts of the economy are being hit by higher rates, which were lifted by market forces, even before the Fed hiked last month. The average 30-year mortgage rate reached a three-year high of 7.4 percent earlier this month, though it has since slipped a bit. Higher mortgage rates have made buying a home unaffordable for 5 million more Americans since the beginning of the year, according to Oxford Economics, a consulting firm. Over time, Fed rate hikes can make mortgages, auto loans, and credit card borrowing more expensive, adding to Americans’ sense that things like homes and cars are getting pricier.

A separate inflation measure more closely followed by the Fed, the personal consumption expenditures price index, comes out Thursday and is forecast to have jumped 3.6 percent in September from a year earlier, up from 3.4 percent in August. Core prices, which exclude the food and energy categories, are forecast to have risen 3.1 percent, up from 3 percent the previous month. Earlier this month, the consumer price index showed inflation picked up in September, when consumer prices rose 3.7 percent compared with a year earlier.

Two Fed officials dissented from Wednesday’s decision, with Fed governor Lisa Cook and Federal Reserve Bank of Cleveland President Beth Hammack voting in favor of hiking rates by a quarter point. This is Cook’s first dissent since she was appointed to the board by President Joe Biden in 2022.

Cook has been targeted by the Trump administration, which tried to fire her last year, though the Supreme Court in June ruled she could keep her job while litigation played out. No president has fired a Fed governor before, a sign of the Fed’s longstanding independence from day-to-day politics. Trump renewed his attempt to remove Cook last month by setting up a committee to look into allegations Cook committed mortgage fraud, which she has denied.

President Trump has also slammed the Fed for raising its key rate last month, though he largely blamed the central bank's rate-setting committee, rather than Warsh, whom he appointed.

The Fed's policy meeting is part of a busy week for central banks around the world. The Bank of Canada will also meet Wednesday and is forecast to lift its key rate a quarter point, to 2.5 percent. Policymakers at the European Central Bank and the Bank of Japan are both scheduled to meet Thursday and are expected to keep their key rates unchanged.

For Warsh and the Fed, another key consideration is that the U.S. economy is growing at a healthy pace and unemployment remains low, at 4.2 percent, even if hiring is also sluggish. Warsh said growth in the July-September quarter likely rose above 3 percent. That would be up from 2.2 percent in the April-June quarter.

Many economists argue that solid growth is evidence that interest rates aren't particularly high and the economy could withstand higher rates to combat inflation.

美联储周三在华盛顿宣布维持基准利率在3.9%左右不变，理由是通胀高企，但并未就下一步政策走向给出明确指引。此前，美联储上月三年来首次加息，但有两位官员反对再次加息。美联储主席凯文·沃什表示，部分企业和家庭的金融和信贷环境趋紧。距离中期选举还有六天，通胀和消费能力问题备受关注。

美联储的通胀目标是2%，其声明称，在决定采取何种政策以支持及时恢复到该目标之前，希望获得更多信息。

美联储理事丽莎·库克和克利夫兰联储主席贝丝·哈马克投票支持加息0.25个百分点，与该决定持不同意见。

本月初，30 年期抵押贷款平均利率达到 7.4%，创三年新高，之后略有回落。

牛津经济研究院估计，自年初以来，更高的抵押贷款利率已使 500 万美国人买不起房。

预计9月份个人消费支出价格指数同比上涨3.6%，高于8月份的3.4%；核心价格预计上涨3.1%，高于8月份的3%。

发布于2026年10月29日凌晨3:20（韩国标准时间）

更新于2026年10月29日凌晨4:27（韩国标准时间）

7月29日，美联储主席凯文·沃什在华盛顿特区的联邦储备委员会总部举行新闻发布会，此前美联储召开了为期两天的联邦公开市场委员会（FOMC）会议，宣布维持利率不变。路透社-韩联社

华盛顿——尽管通胀居高不下，美联储周三仍将关键利率维持在3.9%左右不变，但并未透露央行下一步的行动方向。

美联储在为期两天的政策会议后发表声明称，“通胀依然高企”。声明指出，暂缓加息将有助于“积累更多信息”，从而确定美联储应采取何种政策，“以确保通胀及时回归”其2%的通胀目标。

在主席凯文·沃什的领导下，美联储上月三年来首次上调基准利率，此举无视了唐纳德·特朗普总统要求降息的呼声，旨在“更及时”地将通胀率推回2%的目标水平。美联储受国会委托抑制通胀，其主要手段是提高利率，以减缓借贷和支出，从而抑制物价上涨。尽管美联储官员上月曾计划今年再次加息，但此次声明并未明确美联储的下一步行动。根据期货市场数据，华尔街投资者也已将12月加息的预期计入价格。

美联储的决定距离中期选举仅剩六天，而此次选举的焦点主要集中在生活成本和购买力问题上。由于汽油、食品杂货和服装等商品价格上涨，消费者普遍对经济感到不满。然而，沃什在将通胀率恢复到目标水平方面面临诸多挑战。一些推高物价的因素——特别是人工智能基础设施的快速建设和能源价格上涨——并非提高利率就能轻易抑制的。

不过，在随后的新闻发布会上，沃什表示，美联储“已经开始看到金融和信贷状况发生一些变化。一些企业和家庭的信贷环境已经收紧。”

部分经济领域正受到利率上升的影响，而利率上升是由市场力量推高的，甚至在美联储上月加息之前就已经出现。本月初，30年期抵押贷款的平均利率达到了三年来的最高点7.4%，尽管此后有所回落。咨询公司牛津经济研究院的数据显示，自年初以来，更高的抵押贷款利率已使500万美国人无力负担住房。随着时间的推移，美联储的加息可能会使抵押贷款、汽车贷款和信用卡借贷的成本上升，进一步加剧美国人对房屋和汽车等商品价格上涨的感受。

美联储更密切关注的另一项通胀指标——个人消费支出价格指数（PCE）将于周四公布。预计9月份PCE同比上涨3.6%，高于8月份的3.4%。剔除食品和能源价格的核心PCE预计上涨3.1%，高于上月的3%。本月早些时候公布的消费者价格指数（CPI）显示，9月份通胀有所抬头，同比上涨3.7%。

周三的加息决议中，两名美联储官员投了反对票，美联储理事丽莎·库克和克利夫兰联邦储备银行行长贝丝·哈马克投了赞成票，支持加息0.25个百分点。这是库克自2022年被乔·拜登总统任命为美联储理事以来首次投反对票。

库克一直是特朗普政府的目标，去年曾试图解雇她，但最高法院在6月裁定，在诉讼期间她可以继续留任。此前从未有总统解雇过美联储理事，这表明美联储长期以来一直独立于日常政治之外。上个月，特朗普再次试图罢免库克，成立了一个委员会调查有关库克涉嫌抵押贷款欺诈的指控，但她否认了这些指控。

特朗普总统也抨击美联储上个月提高关键利率，但他主要将责任归咎于央行的利率制定委员会，而不是他自己任命的沃什。

美联储的政策会议是全球央行繁忙一周的一部分。加拿大央行也将于周三召开会议，预计将把基准利率上调0.25个百分点至2.5%。欧洲央行和日本央行的政策制定者都定于周四召开会议，预计将维持基准利率不变。

对沃什和美联储而言，另一个关键考量因素是，尽管招聘活动也较为疲软，但美国经济正以健康的步伐增长，失业率仍保持在4.2%的低位。沃什表示，7月至9月季度的经济增长率可能超过3%，高于4月至6月季度的2.2%。

许多经济学家认为，稳健的增长表明利率并不特别高，经济能够承受更高的利率以抑制通货膨胀。