Fed Chair Kevin Warsh tells markets: \u0022Play the ball, not the referee\u0022 as FOMC holds rates at 3.50%–3.75% in 9–3 vote
AI Market Summary
The FOMC held rates at 3.50%–3.75% (9–3), but Chair Warsh's decision to provide no forward guidance shifts policy expectations toward incoming data and away from Fed signaling. This increases near-term sensitivity in rates, FX, and risk assets to inflation and labor prints. The post-presser rebound in SPY, gold, and bitcoin suggests relief, but uncertainty around the reaction function may elevate volatility.
Impact level
● High
Affected assets
NCSIDXY2USD/USDT-0.57%
AI Insight · NCSIDXY2USD/USDTAI Insight
● Neutral
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The Federal Reserve kept its benchmark rate unchanged at 3.50% to 3.75%, with the FOMC voting 9 to 3. New Chair Kevin Warsh struck a different tone from the Powell era, offering no forward guidance and telling traders to focus on incoming data rather than trying to game the Fed\u0027s intentions. Warsh reiterated the central bank\u0027s commitment to restoring price stability, though critics including Peter Schiff dismissed the message as \u0022business as usual\u0022 and lacking concrete action. Markets rallied after the press conference, with $SPY, gold and Bitcoin all rebounding.
