US central bank holds interest rates steady ahead of midterm elections – here's what that means

In its decision to hold rates steady this month, the Fed said that while inflation remains high, it wanted to gather more information before making another decision to change rates.

The Fed also noted that while there was uncertainty, the US economy remained resilient.

Warsh acknowledged that inflation remained too high, but noted that there were other signs - such as tightening credit conditions - that the economy was moving in the right direction.

There is plenty more economic data to come between now and the committee's next meeting, the Fed chair added, which should paint a more detailed picture of the state of the economy.