Federal Reserve Chair Kevin Warsh acknowledged public frustration over persistent inflation by saying 'Deliver it, already!' but provided no timeline or specific plan for action. The Federal Open Markets Committee voted 9-3 to keep the federal funds target interest rate unchanged at 3.5% to 3.75%. Warsh used the word 'deliver' more than a dozen times during his press conference, promising to achieve the 2% inflation target without committing to a time frame or trigger for policy changes. The U.S. inflation rate has been above the Fed's 2% target since March 2021, most recently at 3.6% in June. The S&P 500 fell 1.5% after bond yields rose on inflation concerns, though three dissenting votes for a rate hike increased the likelihood of a September increase.