Warsh’s Fed Holds Rates — and Puts 2026 Cuts on Trial

Warsh’s Fed held rates but raised its projected path, jolting crypto and stocks while pushing back on hopes for 2026 cuts.

Key takeaways

• The first Fed decision under Kevin Warsh did not change interest rates, but it changed the burden of proof for anyone betting on easier policy.
• The question now is not whether the Federal Reserve paused. Markets expected that. The sharper question is whether Warsh’s Fed is preparing investors for a central...
• If the rate hold was expected, why did markets still flinch?
• Because the hold was not the story. The path was.

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Canonical source: https://mlxio.com/finance/warsh-fed-rate-decision