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Fed holds rates steady in first decision under new Chairman Kevin Warsh
Key takeaways
- This was the first U.S. central bank policy meeting led by Kevin Warsh, who took over as chair from Jerome Powell after being confirmed by the Senate last month.
- The focus now shifts to Warsh's post-meeting press conference, beginning at 2:30 p.m.
- Markets have spent the past several months steadily dialing back expectations for any rate cuts as inflation proved more stubborn and labor market data remained resilient.
This was the first U.S. central bank policy meeting led by Kevin Warsh, who took over as chair from Jerome Powell after being confirmed by the Senate last month.
The focus now shifts to Warsh's post-meeting press conference, beginning at 2:30 p.m. ET, and to what he says about the road ahead under his leadership at the central bank.
Markets have spent the past several months steadily dialing back expectations for any rate cuts as inflation proved more stubborn and labor market data remained resilient. Traders now see a growing chance that the Fed's next move could be a rate hike rather than a cut.
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