COINDESK HEADLINES: Fed keeps rates unchanged, prolonging its pause as markets look to Kevin Warsh for policy direction. Presented by @Bullish.

The Fed holding rates steady extends the current policy pause, reinforcing near-term expectations for unchanged liquidity conditions. Attention shifting to Kevin Warsh's policy roadmap increases uncertainty around the future reaction function, keeping risk assets and rates-sensitive positioning cautious. In the short term, the key transmission channel is the U.S. dollar via interest-rate differentials, with cross-asset volatility driven by any perceived shift in forward guidance.