Here are the five big takeaways from Kevin Warsh's first meeting as Fed chairman

New U.S. Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S. June 17, 2026. Eric Lee | Reuters The Federal Reserve and Chairman Kevin Warsh on Wednesday followed the script on interest rates closely, voting to keep the benchmark level steady , but dropped several surprises that kept markets guessing about where things are heading. Markets didn't like it, with major averages swooning after the meeting and as Warsh spoke in his news conference. Here are the five biggest takeaways: No rate changes, but the hawks are circling : There were no apparent dissents to keep the federal funds rate targeted between 3.5%-3.75%. However, the "dot plot" of expectations further out showed an inclination towards a hike later this year. The Federal Open Market Committee split 9-9 between those expecting steady rates or one cut and those seeing at least one hike, with the median "dot" pointing to a quarter percentage point increase. The dot mystery solved : There was rampant speculation heading into the meeting that Warsh wouldn't be submitting a dot, and he confirmed that he did not. In the past, the chairman has expressed a disdain for all such "forward guidance" as hamstringing future policy. "It's been the practice of this committee for participants to submit these projections, and I have encouraged my colleagues to continue to do so. …