The Federal Reserve held its benchmark rate at 3.5%-3.75% for the fifth consecutive meeting under new Chair Kevin Warsh. Warsh, who took office on May 22, 2026, has adopted a notably hawkish stance with strict adherence to the 2% inflation target, revising inflation projections upward. He has deliberately reduced forward guidance, creating uncertainty for markets. Rising oil prices due to US engagement with Iran have added external inflation pressure. His June 17 press conference already triggered notable volatility across asset classes, with crypto markets proving particularly sensitive to his communications.
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