LIVE: Fed Chair Kevin Warsh's First FOMC Presser

Fed Chair Kevin Warsh held his first FOMC press conference, maintaining rates at 3.50-3.75% and emphasizing a unanimous commitment to restoring price stability. He announced five task forces on communications, balance sheet, data, productivity/AI, and inflation frameworks, and dropped forward guidance from the policy statement. Warsh expressed conviction that the US will be a long-term winner from AI-driven productivity. - Federal Reserve kept rates steady at 3.50-3.75% and dropped forward guidance. - Warsh declared unanimous committee commitment to deliver 2% inflation. - Five task forces launched to review Fed communications, balance sheet, data, productivity/AI, and inflation frameworks. - No rate change discussed; one proposal to hold was unanimously supported. - Warsh described monetary policy as unevenly restrictive—restrictive on housing but not on financial markets. - He sees the United States as a long-term winner from artificial intelligence. - Dot plot showed split among FOMC members on future rate moves; Warsh did not submit a forecast. - Press conference avoided any specific forward-looking policy guidance.