There was “broad support” among the FOMC to leave the fed funds target range unchanged at between 3.50% and 3.75% at this week’s meeting. Non-voting participants, according to Chair Jerome Powell, held the same view. When Kevin Warsh takes the helm at the Fed later this year, his first major challenge will be winning over that same committee to his view that interest rates should be lower. Failing to do so, Warsh risks facing the same level of abuse from President Trump that Powell endured during his tenure.
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