Kevin Warsh became Federal Reserve Chairman on May 22, 2026 and has systematically dismantled forward guidance that allowed markets to anticipate monetary policy decisions. At the FOMC meeting on June 17, 2026, the committee abandoned the explicit language that had characterized its communications for over a decade. Inflation has remained above the 2% target for more than 65 consecutive months, and the federal funds rate sits at a target range of 3.5% to 3.75%. Three Fed policymakers dissented at the most recent meeting, pushing for a rate hike. Warsh has launched internal task forces on communication strategy, the Fed’s balance sheet, and inflation policy, and is expected to speak at the Jackson Hole Economic Symposium in late August 2026.
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