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Kevin Warsh opened his Federal Reserve chairmanship on Wednesday with an unmistakably hawkish posture, as the central bank held interest rates steady but executed a pointed pivot — abandoning its prior easing bias in favor of an explicit tilt toward a rate increase.
The new chair framed the mandate without ambiguity, stating the Fed "will deliver price stability." The Policy Pivot That Matters More Than the Hold The rates decision itself was a hold, but the operative development Wednesday was the change in the committee's stated lean.
The Federal Reserve entered Warsh's first meeting carrying an easing bias — a posture that, in market shorthand, signals the next move is more likely a cut than a hike.
It left that meeting with the opposite disposition: a rate increase is now the direction the committee is signaling.
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