All eyes on Kevin Warsh: New Fed Chair keeps rate unchanged, hosts first news briefing

New Federal Reserve Chairman Kevin Warsh held his first post-meeting news conference on Wednesday, with the Fed keeping its key rate unchanged at about 3.6%.

"In genuine interest in moving the Fed forward, this week's FOMC meeting exemplified the very best of the Fed's traditions. Rigorous debate, open mindedness, commitment to mission, responsibility, and accountability for performance. In this business, they all add up to one thing: getting monetary policy right or as near to it as we can do. That is our North Star," Warsh said.

"My colleagues and I are here to serve our legislative remit, which you've heard us say before. Price stability and maximum employment. And these objectives guided our business in the meeting just concluded. As you saw a few moments ago, the committee decided to maintain the target range for the Fed funds rate at 3.5% to 3.75% in support of the Fed's dual mandate. The committee also reaffirmed its policy of maintaining ample reserves in the banking system," he continued.

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