Kevin Warsh took office on May 22, 2026, replacing Jerome Powell. His first Federal Open Market Committee meeting, held June 16-17, kept the fed funds rate steady at 3.50%-3.75%.
The art of saying less
The June FOMC statement clocked in at just 132 words. For context, the April statement under the previous regime ran 341 words. That’s a 61% reduction.
This isn’t accidental brevity. Warsh has made reducing forward guidance a cornerstone of his communication strategy. The philosophy is straightforward: rather than the Fed telling markets where it plans to go, markets should tell the Fed where conditions warrant action.
Volatility expectations vs. reality
