Kevin Warsh walked into his first real test as Federal Reserve Chairman and came out swinging. On July 29, 2026, the Federal Open Market Committee voted 9-3 to keep the federal funds rate parked in the 3.5%-3.75% range, marking the fifth consecutive meeting without a move.
“There is no soft inflation target,” Warsh said, making clear that the Fed under his watch will not quietly let price growth drift above 2% and call it close enough.
What happened and why it matters
Three FOMC officials dissented from the majority decision, each pushing for an outright rate hike.
Warsh took over the chair from Jerome Powell in 2026, confirmed after a nomination by former President Trump. He came into the role with publicly disclosed holdings in more than 30 crypto-related assets, including stakes in DeFi protocols, Bitcoin infrastructure companies, and crypto-focused venture firms.
