Key facts
- Federal Reserve Chairman Kevin Warsh left open-ended how much more interest rates may need to rise to tame inflation.
- The Fed's rate-setting committee unanimously agreed to a rate hike on Wednesday.
- Nearly all policymakers signaled that a second rate increase later this year would likely be appropriate.
Federal Reserve Chairman Kevin Warsh indicated on Wednesday that the path forward for interest rates remains uncertain as the central bank continues its efforts to curb inflation. The Federal Open Market Committee (FOMC) unanimously decided to raise its key interest rate, a shift from a decision about six weeks prior when the committee was divided and opted to keep rates unchanged.
Nearly all policymakers signaled that another rate increase later this year is probable, though Warsh did not specify the extent of future hikes. The decision on Wednesday marked a unanimous agreement among the committee members.