The Federal Reserve left rates unchanged for a fifth consecutive meeting, but dissent grew: Logan, Hamak and Kashkari voted against the decision, each favoring a 25bp hike. The committee’s post-meeting statement was otherwise identical to June and reiterated its commitment to achieving price stability. The dissents increase the challenge for new Fed chair Kevin Warsh to remain on hold if inflation concerns intensify. President Trump has repeatedly called for rate cuts, including on Monday; Warsh

The Federal Reserve left rates unchanged for a fifth consecutive meeting, but dissent grew: Logan, Hamak and Kashkari voted against the decision, each favoring a 25bp hike. The committee’s post-meeting statement was otherwise identical to June and reiterated its commitment to achieving price stability. The dissents increase the challenge for new Fed chair Kevin Warsh to remain on hold if inflation concerns intensify. President Trump has repeatedly called for rate cuts, including on Monday; Warsh, nominated by Trump earlier this year, said he would insulate policy decisions from political influence.