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By Victor Reklaitis and Greg Robb

Federal Reserve Chairman Kevin Warsh addressed why the central bank didn't raise interest rates on Wednesday

Federal Reserve Chairman Kevin Warsh spoke after the central bank's meeting on Wednesday.

Why didn't the Federal Reserve raise interest rates on Wednesday, given that most Fed policymakers seem on board with a hike at their December meeting?

Fed Chairman Kevin Warsh tackled that question during his press conference after the central bank's latest rate decision, which matched expectations. He suggested Fed officials want to see more readings on the economy before determining when or whether to raise rates again.

"The period right in front of us is information rich," Warsh said, in part, while responding to the question.

"There is a lot that's happening in the world. My colleagues and I are keen to take notice of it. So this coming period, what do I think we're going to be able to do? We're going to be able to figure out what's the appropriate protocol as part of this package that we started to deliver five months ago to deliver price stability."

Warsh also said: "I'm encouraged by the progress we've made in a short period of time, but if the crux of your question is, 'You haven't delivered yet, you haven't achieved price stability,' you're right about that, but we're working on it."

His comments come as Fed officials face pressure to get inflation closer to their target of 2% by raising rates. By some measures, inflation was hotter in the most recent reading than in prior months. Fed watchers are focused in particular on how Warsh communicates the central bank's strategy, with some critics saying that he has been giving "nonanswers."

Last month, the Fed's policy-setting committee rolled out its first interest-rate hike in three years, and markets have been expecting additional tightening, especially in December, but not at this week's meeting.

Warsh's press conference came just six days before Election Day, when voters in midterm elections are expected to vote against some candidates from President Donald Trump's Republican Party in part because of their frustrations with persistent inflation. Democrats look on track to win a majority in the U.S. House of Representatives, while control of the Senate is more up in the air.

Trump picked Warsh to be Fed chief in January, and Warsh took over the job in May.

-Victor Reklaitis -Greg Robb