Warsh hosted a news conference Wednesday afternoon following a meeting of the Federal Open Market Committee, which voted 9-3 to leave interest rates unchanged. The chances that the Fed would leave interest rates unchanged at its next meeting jumped by 20 percentage points to 45%, according to CME FedWatch. The situation Wednesday was slightly different, in that the Fed didn't cut interest rates but held them steady. Warsh also suggested Wednesday that recent rises in long-term interest rates may have reflected positive economic news, such as strong business investment. Past Fed chairs would strongly signal where they expected interest rates to go in the future.