In his second Federal Open Market Committee (FOMC) meeting as chairman, Kevin Warsh announced that the FOMC voted to maintain the federal funds rate at 3.5% – 3.75%, marking the fifth consecutive meeting that has left rates unchanged. Acknowledging the “impatience” that households and businesses have felt regarding inflation, Warsh said he understood the frustration but pushed back on the notion that the Fed has been slow to act. “There is no soft inflation target. Reacting to the Fed maintaining rates, Realtor.com® Senior Economist Joel Berner said, “the implications of rate hikes in coming months signal that mortgage rates are soon to move against them. The next FOMC meeting is scheduled for September 15-16.