Kevin Warsh’s first FOMC meeting as Federal Reserve Chair went about as dramatically understated as you’d expect from a guy who thinks the Fed talks too much. One proposal on the table, minimal discussion, no debate on alternatives. The committee voted unanimously to hold interest rates steady.
What actually happened at the June meeting
Warsh, who was sworn in as Fed Chair on May 22, 2026, following his nomination by President Trump, presided over the June 2026 FOMC meeting with a noticeably different energy. The committee maintained its current interest rate stance, citing ongoing inflation concerns. But the process was the real story.
Only one proposal was presented to the committee. There was little discussion around it and zero debate on alternative paths.
Warsh previously served as a Fed governor from 2006 to 2011, so he knows exactly how the sausage gets made. He’s choosing to make less of it.
