(Bloomberg) -- Wall Street traders gearing up for the Federal Reserve decision refrained from making big moves as they waited to see whether new Chair Kevin Warsh will validate bets on future rate hikes or lean against them.

The Federal Reserve's June meeting, the first helmed by new Fed Chair Kevin Warsh, may impact many consumer borrowing and savings rates down the road.

Rising inflation and the bond markets are telling the Fed to raise rates. The guy in the White House is demanding cuts.