Fed Chair Warsh Holds Rates, Skips Own Dot Forecast

The Federal Reserve held its benchmark interest rate steady Wednesday, as expected, in Kevin Warsh’s first FOMC meeting as Fed Chair. Warsh faced reporters for the first time in his new role, with markets parsing every word for signals on the rate trajectory and his willingness to act independently of the White House.

In an unusual move, Warsh withheld his own projection from the Fed’s quarterly “dot plot” — the chart showing where individual officials expect rates to head. The omission leaves investors without a clear read on the new chair’s personal rate outlook. Markets had been watching closely for how Warsh would handle inflation pressures tied to the Iran war. Those pressures have complicated the Fed’s path toward any rate cuts in 2026.