Warsh’s First Steps: What the New Fed Chair Said and What It Means

Kevin Warsh has taken the job as chairman of the Federal Reserve. He was sworn in on May 22, 2026 and he led his first Federal Open Market Committee meeting on June 16–17, 2026. The press conference was held on June 17, 2026 at 2:30 p.m. ET, when he answered questions from reporters.

The FOMC kept the federal funds target range at 3.50%–3.75%, although many officials signaled they could support rate increases later in the year. The committee's projections showed several policymakers now favoring higher rates, and this shift was noted by investors. Warsh said he will focus on bringing inflation down to 2% and he indicated he may change how the Fed communicates with markets and the public. Markets reacted after the meeting, with stocks and bond yields moving as traders adjusted expectations. Therefore, while Warsh did not change the rate immediately, he has already set a tone that could affect future policy. The press conference was closely watched by global markets because investors wanted to read the Fed's new communication style. Since the committee dropped language that had suggested rate cuts, many investors saw the outlook as more neutral to hawkish.