Summary of Walsh's Press Conference: The decision to hold off on interest rate hikes was not politically influenced, and schedule reforms will be implemented next autumn.

Fed Governor Waller has concluded the press conference following the October FOMC meeting. BlockBeats summarizes the key takeaways as follows: Waller first affirmed the U.S. economy, stating that U.S. economic activity is expanding strongly, domestic consumption has remained resilient, productivity is robust, and capital investment is strong. However, he warned that inflation remains elevated. The Federal Reserve believes additional information will help the FOMC assess its policy stance, and the committee will achieve price stability. Economic growth is robust. Waller also added that credit conditions have tightened somewhat since the Fed’s last rate hike, but immediately clarified: “I neither want to nor can describe it as ‘tightening.’” When asked whether midterm elections would influence interest rate decisions, Waller said “politics has played no role at all.” On issues including AI and oil prices, Waller pointed out that interest rates have fallen amid rising oil prices, expressed skepticism about the view that “rate hikes will not impact AI,” and noted that interest rates have affected the tech sector. Waller also announced adjustments to the FOMC meeting schedule starting next fall: the committee will hold 8 meetings annually. In 2027, the Fed will still hold 8 meetings as scheduled, but one will not vote on monetary policy interest rates, focusing solely on policy strategy. In 2028, two of the 8 meetings will be dedicated to policy strategy, with no votes on policy interest rates, and these will not be formal policy decision-making sessions.