The Federal Reserve has a new boss, and he’s already rewriting the playbook. Kevin Warsh, sworn in on May 22, 2026, held rates steady at his first FOMC meeting but managed to rattle markets anyway.
At the June 16-17 meeting, the Fed kept the federal funds rate in the 3.50%-3.75% range.
A quieter Fed with a louder message
Warsh has long been a critic of excessive forward guidance, the Fed’s practice of essentially telegraphing its next moves to markets. Now that he’s in charge, he’s doing something about it.
The June policy statement was significantly shortened compared to prior meetings. Less hand-holding, less predictability, less of the careful verbal choreography that markets had grown accustomed to under previous chairs.
