Fed Chairman Warsh: Inflation trends weren't passing the test

Summary

Federal Reserve Chairman Kevin Warsh took questions after the central bank raised the federal funds rate by 25 basis points. He said the economy has strengthened since the prior meeting, inflation summer trends were not passing the Fed's test, and little new information made him reverse his judgment. He also cited geopolitical hot spots as a changed factor. No specific securities, tickers, or tradable assets were named in the transcript.

• Fed raised the federal funds rate by 25 basis points.
• Warsh said the economy has strengthened since the July meeting.
• He said inflation trends were not passing the Fed's test and little data changed his view.
• He cited geopolitical hot spots as an intermeeting development.
• Warsh described himself as not data-point dependent.
• No specific tickers, securities, or tradable expressions were named.
• The transcript excerpt is partial and ends mid-sentence.