Kevin Warsh just finished his first FOMC meeting as Federal Reserve Chair, and he came out swinging. The committee voted unanimously on June 17 to hold the federal funds rate steady at 3.5%-3.75%, but Warsh’s rhetoric made it clear: the era of dovish whispers is over.
The new chair reportedly used the phrase “price stability” approximately a dozen times during his post-meeting press conference.
What actually happened at the meeting
The FOMC kept rates unchanged for the fourth consecutive meeting, marking the first unanimous 12-0 vote since June 2025. Getting every voting member on the same page suggests Warsh has already consolidated internal support for his approach.
Perhaps more important than what the committee did is what it removed. The FOMC’s policy statement stripped out prior language that had hinted at potential future rate cuts.
