The Federal Reserve kept interest rates exactly where they’ve been all year. New Chair Kevin Warsh, leading his first FOMC press conference, made one thing clear: bringing inflation back to heel is the priority, full stop.
The decision on June 17 to hold the federal funds rate at 3.5% to 3.75% was unanimous across all 12 voting members. That’s now four consecutive meetings without a move, stretching back through January, March, and April. For crypto markets already navigating choppy waters, the message is straightforward: don’t expect relief from cheap money anytime soon.
A new chair, the same playbook
Kevin Warsh took over from Jerome Powell, whose term ended on May 15. The transition happened against a backdrop that no central banker would envy: inflation has climbed to a three-year peak, even as the broader economy has posted solid performance numbers.
Warsh’s emphasis on price stability in his debut press conference wasn’t a surprise, but it was a signal. New Fed chairs get to set their tone early, and Warsh chose hawkish discipline over any hint of accommodation.
