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Fed Holds Rates Steady as Warsh Strikes Hawkish Tone at First Press Conference
The Federal Reserve left interest rates unchanged at 3.50%-3.75% and released updated projections, while new Chair Kevin Warsh delivered a hawkish message and promised reforms at his first press conference.
Fed Chair Warsh Drops Forward Guidance, Market Drops on Uncertainty
In his first press conference, Fed Chair Kevin Warsh announced the end of forward guidance and hinted at eliminating the dot plot, leading to increased uncertainty and a market selloff.
US-Iran Interim Deal: Naval Blockade Lifted, $300B Reconstruction Plan
Iran released the full text of an interim agreement with the US, including commitments to lift the naval blockade, resume shipping through the Strait of Hormuz, and pursue a $300 billion economic reconstruction program.
Strategy's $1.5B Debt Payoff Hits Preferred Stock STRC, Dividends at Risk
Strategy paid off $1.5B in debt, reducing its cash cushion for STRC preferred stock dividends to about 7 months. STRC closed at $91.79, well below par, while rival Strive's SATA offers daily dividends and zero debt.
Iran Deal Text: US Commits to Waivers for Oil, Petrochemical Exports
According to the text of the Iran nuclear agreement, the US has committed to issuing waivers for Iranian oil, petrochemical and derivative exports immediately after signing, lasting until sanctions are fully lifted.
Iran Publishes Full Text of Interim US-Iran Agreement
Iran released the full text of an interim agreement with the U.S., outlining commitments on non-interference, nuclear program limits, sanctions relief, and a $300 billion reconstruction plan.
Dow Jones Gives Up Record After Hawkish Fed Shift
The Dow Jones Industrial Average surrendered its third consecutive record on Wednesday after the Federal Reserve turned hawkish, with markets reacting to Kevin Warsh's first decision as Fed chair.
Dollar Index Surges After Fed's Warsh Holds Rates Steady, Signals Hikes
The US Dollar Index rallied sharply after the Federal Reserve, under new Chair Kevin Warsh, held interest rates unchanged and signaled a shift toward rate hikes, bolstering the greenback.
Euro falls sharply after hawkish Fed hold under Warsh
The Euro sold off heavily after Kevin Warsh’s first meeting as Fed Chair delivered a hawkish surprise, despite leaving the headline rate unchanged. The dot plot projections shifted in a more restrictive direction, triggering a sharp USD rally.
Fed Raises 2026 Rate Forecast to 3.8%, Lifts Inflation Projections
The Federal Reserve's latest dot plot shows policymakers now expect interest rates at 3.8% by end-2026, up from 3.4% in March, while also raising PCE inflation projections.
Fed's Waller Says Central Banking Enters New Chapter, Unswayed by Short-Term Markets
Federal Reserve Governor Christopher Waller stated that the Fed has opened a new chapter for central banking. He acknowledged markets have a lot to digest but reaffirmed that the Fed will not be distracted by short-term reactions and remains committed to price stability.
Fed's Waller: Only One Proposal on Table, Task Forces Make Recommendations Only
Federal Reserve Governor Christopher Waller stated that only one proposal was considered after a few days of internal debate, emphasizing that the Fed is not outsourcing decisions and that task forces will merely provide recommendations.
Fed's Warsh Open to New Techniques, Private Data for Official Statistics
Federal Reserve official Warsh expressed openness to using new analytical techniques and private sector data to reform official statistics, adding that financial markets perform best when reacting to data rather than forward guidance.
Fed Chair Warsh Unveils Shorter Statements, New Task Forces
Fed Chair Warsh announced a shorter policy statement format, said forward guidance is ill-suited to current conditions, and launched five new independent task forces to review the Fed’s economic projections framework. He reaffirmed the 2% inflation target and noted that policy is restrictive for housing but not for financial markets.
Fed’s Waller Jokes Dot-Plot Forecasts Are Made With ‘Pencils That Have Big Erasers’
Federal Reserve Governor Christopher Waller remarked that policymakers submit their interest-rate forecasts (the dot plot) with “pencils that have big erasers,” suggesting officials do not treat the projections as binding and are open to revising the way they communicate the policy outlook.
Fed's Warsh: Inflation Is Monetary Policy Driven; Housing Restrictive, Year-End Communication Review
Fed's Warsh stated that inflation is primarily determined by monetary policy and suggested current policy appears restrictive for the housing market but less so for financial markets. He also signaled a broad year-end review of Fed communication tools including the dot plot, press conferences, and policy meeting practices.
Fed's Warsh Reiterates Opposition to Forward Guidance, Favors Data-Dependent Approach
Federal Reserve official Warsh stated the central bank has removed forward guidance from its communications and will not pre-commit to a rate path, preferring to react to incoming data.
Fed’s Warsh Reaffirms Commitment to 2% Inflation Target
Federal Reserve Chair Kevin Warsh stated that the central bank has both the commitment and capability to bring inflation back to its 2% target, emphasizing that price stability remains the Fed's primary objective with unanimous support among officials.
Fed's Warsh: Policymakers Showed Little Conviction, Year-End Review of Communications Ahead
Fed Governor Christopher Warsh stated that policymakers displayed little conviction in their economic projections and announced a comprehensive year-end review of Fed communications, including press conferences, dot plots, and meeting formats.
Yen Falls as Fed Holds Rates, Warsh Dot Plot Signals Caution
The Japanese yen weakened against the US dollar after the Federal Reserve left interest rates unchanged at 3.50%-3.75% in Kevin Warsh's first policy meeting. The USD/JPY pair rose to near 160.40 as the dot plot indicated a cautious outlook.
GBP/USD Falls as Fed Dot Plot Signals Hawkish Lean
The British pound slumped versus the dollar after the Federal Reserve held rates steady but its dot plot revealed a divided outlook, with half of policymakers projecting higher rates.
Fed Signals Shift from Cuts to Hikes, Euro Declines
The Federal Reserve held rates steady at 3.50%-3.75% in Kevin Warsh's first meeting, but markets interpreted the decision as a hawkish pivot away from future cuts toward potential rate hikes, pressuring the euro lower.
US Dollar Index Rallies as Fed Turns Hawkish Under New Chair
The US Dollar Index surged after the Federal Reserve held rates steady at 3.50–3.75% but signaled a hawkish stance, particularly in the first meeting chaired by Kevin Warsh.
Gold Volatile After Fed Holds Rates, Hawkish Dots
Gold prices whipsawed after the Federal Reserve kept rates unchanged at 3.50%-3.75%, while the Summary of Economic Projections indicated inflation staying above 3%.