The Federal Reserve’s benchmark interest rate held steady on July 29 in a 9-3 vote, as new Chairman Kevin Warsh pointed to surging AI-driven capital investment as a defining feature of the economic landscape.  The Federal Open Market Committee (FOMC) voted to maintain the target range for the federal funds rate at 3.5% to 3.75% for the fifth consecutive time.   Three members dissented — Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan — and voted for a 25-basis point rate hike.  “I asked […]