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Federal Reserve Chair Kevin Warsh did not endorse or oppose recent signals from his colleagues suggesting officials are in no hurry to raise rates this month.
Warsh said the Fed no longer gives advance notice of policy decisions. "I won't prejudge the outcome of the meeting. I don't advocate saying now what I might do at the upcoming meeting," Warsh said. "The Fed is opening a new chapter, and we no longer do that."
Warsh made the remarks during a moderator-led conversation on Friday morning local time in Bangkok on the sidelines of the International Monetary Fund meetings. At the time, Fed officials were about to enter the quiet period ahead of the October 27-28 meeting.
The Fed voted unanimously last month to raise rates by 25 basis points to a range of 3.75% to 4%. It was the first rate hike in three years. In the projections released at that meeting, most of Warsh's colleagues expected at least one more rate increase this year.
Warsh has said he wants investors to focus on the economy rather than on hints from Fed officials about the next move. However, two weeks ago, senior officials who discuss policy strategy with Warsh signaled that the Fed was in no hurry to raise rates again this month. Shortly afterward, the probability of an October rate hike implied by futures markets fell sharply.
Yet inflation data for September released this week came in firmer than expected. Excluding volatile food and energy items, core consumer prices rose 0.33% month over month in September, marking a second consecutive month of strong monthly gains. Another producer price indicator released on Thursday also came in strong.
The Fed's October meeting will take place less than a week before the midterm elections. That means that whether it decides to raise rates or hold them steady, the decision could face more political scrutiny than usual.
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