Kevin Warsh's Fed is not expected to make any change to rates for a while, according to CNBC Fed Survey

Amid heightened anticipation, Kevin Warsh will head his first meeting as Federal Reserve chairman but is expected do very little, at least initially, according to the latest CNBC Fed Survey. The 32 respondents, including economists, fund managers and strategists, as a group see no rate change at this meeting or any meeting through 2027. But 88% do expect the Fed at this week's meeting to remove the easing bias in the statement that has signaled the Fed's next move would likely be a cut. Warsh comes in as the hand-picked nominee of a president who has been bullying the Fed for years for lower rates. But high inflation, spurred in part by the President Donald Trump's tariffs and war with Iran, have taken those cuts off the table for now and pushed them out of the forecast horizon for the Fed Survey and the Fed Funds futures markets. "While Warsh is generally perceived as dovish, he will inherit a committee that has become noticeably more hawkish," said Gregory Daco, chief economist at EY. "Several policymakers have recently argued that rate hikes should remain an option if inflation remains above target, and concerns around energy-driven inflation pressures have only reinforced that bias." Warsh himself has said rates could be lower but has not said if his outlook has changed amid the recent surge in inflation and stronger jobs numbers. …