Fed Holds Rates Steady in First Policy Meeting Under Kevin Warsh

The Fed chairman, who has previously criticised the central bank’s forecasting tools and forward guidance practices, confirmed after the meeting that he had chosen not to submit his own interest-rate outlook. “I did not submit a dot for me,” Warsh told reporters. “It’s not helpful in the conduct of policy. I suspect by year-end, as I mentioned in my opening statements, there’ll be a review about communication broadly, press conferences, dots, meetings, and the like, transcripts, minutes. This will be part of that. I don’t want to prejudge the outcomes there, but I’m pretty open-minded about what they could be.”

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