Fed Warsh reveals plans, holds rates steady

At his first press conference as Federal Reserve chairman, Kevin Warsh revealed plans to establish five task forces focused on different aspects of monetary policy, including data utilization and balance sheet management.

Sworn in last month, Warsh participated in his initial Federal Open Market Committee meeting this week, where members unanimously agreed to keep the federal funds rate steady at 3.5%-3.75%.

Notably, the FOMC’s policy statement was shorter than those from previous Chair Jerome Powell, and Warsh did not join his colleagues in offering projections on future policy directions. He also indicated that he might not hold press conferences after every FOMC meeting, a departure from recent practice.