The Federal Reserve has a new sheriff, and he’s not interested in handing out candy. Kevin Warsh, sworn in as Fed Chair on May 22, 2026, used his first FOMC press conference to make one thing unmistakably clear: the 2% inflation target is not a suggestion.
During the June 17 meeting, Warsh held the federal funds rate steady at 3.5-3.75% while delivering rhetoric so hawkish it could have come with talons. The result was immediate market turbulence, with Bitcoin, equities, and bond prices all feeling the sting.
The ‘inflation is a choice’ doctrine
Warsh’s most memorable line from the press conference landed like a brick on trading desks.
“Inflation is a choice.”
