Jonnelle MarteBloomberg News (via TNS)Federal Reserve Chairman Kevin Warsh insisted policymakers’ decision to leave interest rates unchanged wasn’t a sign of inertia at the central bank, which he reiterated is committed to tackling inflation. The Federal Open Market Committee voted 9-3 on Tuesday (July 29, 2026) to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. The fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent price pressures. Despite his previous vows to restore inflation to the Fed’s 2% goal, Warsh has stopped short of saying he would raise rates. Asked why the Fed the didn’t raise rates today, he said market rates had climbed since their last policy meeting, suggesting investors are doing some of the central bank’s work for it.