Wash explained three things that determined: why the Federal Reserve held steady in July and the reasons for the rate hike in September

The Federal Reserve raised interest rates as expected in September, after keeping rates unchanged at the July meeting. Federal Reserve Chairman Waller stated that three things have changed between the two meetings.

He said that data released in recent weeks indicates that the U.S. economy is performing strongly, especially in the labor market. At the same time, inflation rates remained high throughout the summer, significantly above the Federal Reserve's target of 2% year-on-year inflation.

Finally, he noted that geopolitical factors also prompted the Federal Reserve to change its assessment of the economic outlook, although he did not directly mention the U.S.-Iran conflict in the Middle East. Waller stated, "These three factors contributed to our firm and consistent decision today."