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Federal Reserve holds rates steady at Kevin Warsh’s first meeting as chair
Nine Fed officials projected at least one rate hike this year as policymakers kept rates unchanged and signaled persistent inflation concerns.
- Federal Reserve Chairman Kevin Warsh led his first policy meeting on Wednesday, voting unanimously to maintain the federal funds rate in the 3.5%–3.75% range while eliminating language indicating future rate cuts.
- President Donald Trump appointed Warsh earlier this year expecting rate cuts, yet the new chair has previously criticized the Fed's practice of issuing forward guidance and quarterly economic projections.
- With inflation at 4.2% in May, nine of 18 policymakers now project at least one rate hike this year, while Warsh appears to have withheld his own rate forecast.
- The Nasdaq composite slipped 0.6% and Treasury yields rose following the announcement, as analysts warned that the Fed's pivot reflects heightened concerns about inflation remaining above the 2% target.
- Warsh announced the creation of task forces to review Fed communications and data streams, seeking to reduce the institution's public profile while addressing economic pressures linked to the Iran conflict.
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The Warsh Era Begins
Summary The hosts dissect new Fed chairman Kevin Warsh’s first FOMC press conference, in which the Fed held the federal funds rate at 3.75% and Warsh offered a broad, systemic critique of how the Fed has operated, which the hosts find rhetorically remarkable coming from that position even as they expect no meaningful reform...
DEXYPTAGE - The engine of growth comes from investing in technology, which surpasses consumption. Fed's new president, Kevin Warsh, gave Wednesday night a signal of rising rates to calm inflation.
·Paris, France
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Coverage Details
Total News Sources498
Leaning Left74Leaning Right67Center172Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 24%
C 55%
R 21%
Factuality
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