Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh holds a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Chair of the Federal Reserve Kevin Warsh speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, DC, on July 29, 2026. The US Federal Reserve on Wednesday held interest rates in the world's largest economy steady, with three of 12 policymakers dissenting from the majority decision and calling for a quarter percentage point rate hike. The Fed held rates at 3.50-3.75 percent for the fifth straight meeting, with language describing inflation, unemployment and economic activity unchanged from its last rate decision. It described inflation as "elevated." (Photo by Brendan SMIALOWSKI / AFP via Getty Images)