Chairman Kevin Warsh delivers remarks following the Fed's decision to leave rates unchanged

Monetary Policy & Interest Rates - Federal Open Market Committee decided by a 9 to 3 vote to maintain the target range for the federal funds rate at 3 1/2 to 3 3/4% [2] - Federal Reserve continues its policy of maintaining ample reserves in the banking system [2] - Nominal and real yields are materially higher across the Treasury curve since the previous meeting 42 days ago, ranking around the top decile in the last two decades [6][7] Inflation & Economic Outlook - Inflation remains elevated relative to the committee's 2% goal, following over 5 years of high inflation [3][4][5] - Economy shows impressive resilience with solid growth, job gains keeping pace with the workforce, and little change in the unemployment rate [3] - Federal Reserve maintains a firm commitment to price stability with no soft implicit inflation target other than the 2% goal [3][4][5] Business Investment & Market Trends - Strong growth in business investment is a striking economic feature, with a remarkable surge in high-tech capital expenditures [10] - AI-related high-tech equipment and software show four-quarter growth rates of nearly 20%, sustaining healthy manufacturing output momentum [10] - Capital expenditure boom is driving up prices of memory, logic chips, and associated AI infrastructure [14]