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Opinion: Trump picked Kevin Warsh to cut rates. The new Fed chief just told us he has other plans.
Here’s what the central bank’s hawkish agenda means for your money
By
Jai Kedia
Last Updated: June 19, 2026 at 1:08 p.m. ET
First Published: June 19, 2026 at 7:50 a.m. ET
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(6 min)
The Federal Reserve is a sprawling bureaucracy, averse to change. With that in mind, the latest FOMC meeting and press conference — the first under new Fed Chair Kevin Warsh — came as a pleasant surprise.
The Fed held its target for the federal funds rate at 3.5% to 3.75%. While that decision itself was routine (markets had treated it as a near-certainty), the circumstances were anything but. The post-meeting statement was among the shortest in decades; the forward guidance language that long told markets what to expect was gone, and Warsh declined to submit his own forecasts for the Summary of Economic Projections (SEP).
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