Warsh’s performance came shortly after Fed officials decided in a nine to three vote to leave rates unchanged, as they have done all of 2026 so far. Warsh, however, did not offer a clear explanation for the move or say he would support raising rates should inflation fail to slow. A better-than-expected June inflation reading offered Fed officials time to monitor price pressures, and most economists agree the labour market is not contributing to inflation concerns. Market ratesOther Fed officials had already explained their support for holding rates. Already on Wednesday, Dallas Fed president Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favour of a quarter-point hike.