Watch Live: Fed Chair Kevin Warsh speaks after leaving interest rates unchanged
Channel: CBS News
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Duration: PT2055S
Read a transcript preview of “Watch Live: Fed Chair Kevin Warsh speaks after leaving interest rates unchanged” from CBS News, uploaded on 2026-10-28.
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Language: English (original, YouTube automatic captions)
[0:00] inflation remains elevated. The
[0:03] committee believes that the accumulation
[0:05] of more information will help it
[0:07] determine the policy stance appropriate
[0:10] to ensure a timely return of inflation
[0:13] to the 2% goal. The committee will
[0:16] deliver price stability.
[0:19] At each policy meeting, my colleagues
[0:21] and I assess the economy by looking at
[0:24] the window. It's what we call
[0:26] interrogating reality to gauge what's
[0:29] really going on. It is not a task that
[0:31] has grown easier. So what exactly do we
[0:34] observe?
[0:36] Economic growth has strengthened.
[0:40] The GDP increase in the first half of
[0:42] this year was revised up from an earlier
[0:46] estimate of 1.8% up to 2.4%.
[0:50] And the third quarter appears to have
[0:52] brought an even more rapid advance led
[0:55] by healthy consumer spending likely
[0:58] running above 3% growth and business
[1:01] investment investment likely rising at
[1:04] about a double-digit pace. Capital
[1:07] expenditures are at a historically high
[1:10] share of GDP.
[1:12] High-tech investment is leading the
[1:14] acceleration, but there's also been a
[1:16] broadening in other c categories, and
[1:19] these trends bear watching. What about
[1:21] the jobless rate? The jobless rate is
[1:24] lower than a year ago, and payroll
[1:26] growth is noticeably above last year's
[1:29] pace. The four-week moving average of
[1:32] unemployment insurance claims continues
[1:35] to run at the lowest level in
[1:37] generations.
[1:39] So on the employment side of the Fed's
[1:41] dual mandate, conditions are quite
[1:44] positive.
[1:45] And yet Americans of course are still
[1:47] dealing with inflation that has been
[1:50] running above the committee's objective
[1:52] for close to six ye