Fed holds rates at 3.5%-3.75% in Kevin Warsh’s first FOMC; 2-year yield jumps 14.4 bps
2026-07-10 05:05:13
According to CNBC, the Federal Reserve kept its benchmark federal funds rate unchanged at 3.5%-3.75% in Chair Kevin Warsh’s first meeting, while the Summary of Economic Projections showed a 9-9 split between officials expecting steady rates or one cut and those projecting at least one hike, with the median dot indicating a quarter-point increase. Warsh said he did not submit a dot projection, and the Fed announced five task forces to study communications, the balance sheet, data sources, productivity and jobs, the impact of artificial intelligence and other transformative technologies, and the central bank’s inflation approach. Warsh repeatedly emphasized price stability and said the committee was unanimously committed to bringing inflation under control; the 2-year Treasury yield rose 14.4 basis points and major averages fell after the meeting and his news conference. The post-meeting statement was shortened to 130 words from prior statements that typically exceeded 300 words.
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