Kevin Warsh is Fed Chair. At the latest FOMC the committee held rates steady at 3.5% to 3.75% in a 9-3 vote, with three members dissenting for a hike. Warsh has repeatedly stressed commitment to the 2% inflation target and said the Fed will deliver price stability, yet rates have not been raised under his chairmanship so far. Trump selected him amid public demands for rate cuts. Markets and commentary note the gap between hawkish rhetoric and actual policy action so far.
If inflation isn’t stopped soon you’re going to see a revolt in this country.
Many in the Middle Class are nearing the tipping point.
If we continue to ignore the needs of Americans at home to fight wars abroad it’s not going to end well.
— QE Infinity (@StealthQE4) July 30, 2026
This, my friends, is becoming a problem for the US Treasury. pic.twitter.com/2Nl1udxlXg
— James Lavish (@jameslavish) July 30, 2026
Jamie Dimon of JPMorgan has said that markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices
— unusual_whales (@unusual_whales) July 30, 2026
Three FOMC members dissented for a hike at the July meeting. Inflation has stayed above target with energy and other pressures in play. Trump continues to voice frustration over the lack of cuts while publicly standing by Warsh for now. Yields and the dollar have reacted to perceptions of Fed reluctance.
Bloomberg on the decision and Warsh remarks: https://www.bloomberg.com/news/audio/2026-07-29/instant-reaction-kevin-warsh-news-conference-podcast
FXStreet summary of Warsh comments: https://www.fxstreet.com/news/no-soft-target-warsh-vows-to-return-inflation-to-2-202607292011