3 Fed Officials Just Explained Their Rate Hike Vote: Is Inflation Winning?

Three Fed officials voted for a rate hike on Wednesday. On Friday, they finally said why.

Their answers do not match. Each one wants higher rates for a different reason. That gap is the real story.

Why the Fed Rate Hike Vote Split 9 to 3

The Fed left rates alone on Wednesday. The target range stayed at 3.50% to 3.75%.

Three people on the committee said no. Lorie Logan of Dallas, Neel Kashkari of Minneapolis and Beth Hammack of Cleveland all wanted a quarter point rise. That made it a 9 to 3 split vote.

The vote was public straight away. The thinking behind it was not.

Chair Kevin Warsh told reporters to play the ball, not the referee. He listed what the committee had argued about. He never explained why the majority chose to hold.

The three who lost the vote have now said more than the nine who won it.