Federal Reserve Chairman Kevin Warsh hosted his first policy meeting as head of the U.S. central bank, leaving interest rates unchanged on June 17.
Warsh also held his first press conference, telling the media that a series of reforms to how the Fed communicates with the public are coming soon.
Financial markets panicked when Warsh concluded his remarks, while President Donald Trump says he is “guided” by what his replacement for Jerome Powell wants. Market watchers believe change is coming to the 113-year-old institution.
Here are the key takeaways from Warsh’s first Federal Open Market Committee meeting.
Shorter Statement
The committee publishes statements at the end of its two-day policy meeting. These feature a brief summary of economic conditions, the rate action, biased language (tightening or easing), the balance sheet, and voting members’ decisions. They are typically around 400 words….