The Federal Reserve on Wednesday held rates steady in Kevin Warsh’s first meeting as Fed Chairman.

The Federal Open Market Committee (FOMC) voted unanimously to keep rates unchanged.

The benchmark rate is currently 3.5% to 3.75%.

Late last year the Federal Reserve lowered interest rates by 75 basis points – or 0.75%.

CNBC reported:

Kevin Warsh’s first meeting as Federal Reserve chairman concluded Wednesday with no change in interest rates, the removal of key language indicating a bias toward future cuts, and a dramatically shorter policy statement.

The Federal Open Market Committee voted unanimously to keep its benchmark overnight borrowing rate anchored in a range of 3.5%-3.75%. The federal funds rate has held there since the central bank lowered rates by three-quarters of a percentage point in the latter part of 2025.

With a bevy of intrigue over Warsh taking the central bank helm, the meeting followed the same pattern as the others this year regarding rates but differed otherwise.

Fed officials, through their closely watched “dot plot” grid, removed their prior outlook for a rate cut this year and indicated that a hike is possible. However, the projections were missing the participation of one member, with Fed watchers suspecting that Warsh would not be submitting his outlook.

A note attached to the projection materials indicated that 18 of the 19 meeting participants submitted rate and economic projections.

Fed Chair Kevin Warsh held a press conference after the latest FOMC meeting.

“The Committee decided to maintain the target range for the Fed Funds Rate at 3.5 to 3.75% in support of the Fed’s dual mandate,” Kevin Warsh said during Wednesday’s press conference.

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