Fomc Recap Warshful Thinking

The FOMC held rates steady at 3.75% in a hawkish meeting led by new Chair Kevin Warsh. Officials upgraded inflation forecasts and half of the committee now anticipates a rate hike this year.

Key Takeaways

• 1.The FOMC maintained the policy rate upper bound at 3.75% under new chair Kevin Warsh, who signaled an unambiguously hawkish stance.
• 2.The Summary of Economic Projections (SEP) was revised hawkishly, with nine participants expecting a rate hike by year-end and core inflation forecasts upgraded to 3.3%.

Table of Contents

• Official Statement
• Summary of Economic Projections
• Press Conference
• What to expect going forward?
• US Rates Strategy – Initial reaction

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