Fed Chair Kevin Warsh Just Subtly Threw President Donald Trump and Jerome Powell Under the Bus in His First FOMC Meeting

Fed Chair Kevin Warsh held his first FOMC meeting on June 17, 2026, maintaining unchanged interest rates while subtly blaming predecessor Jerome Powell for keeping rates too low and allowing balance sheet expansion. Warsh also implicitly attributed elevated inflation to Trump's Iran military action and tariffs. The new Fed chair signaled an end to forward-looking guidance, creating uncertainty for markets already at historically expensive valuations. Nine colleagues projected higher rates by end of 2026, potentially threatening the AI-driven market rally.