'Regime change but in a velvet glove': How Kevin Warsh has set out to remake the Fed

Live updates

1. 2h ago

   Kevin Warsh Presides Over First FOMC Meeting as Fed Chair

   Chairman Kevin Warsh held his first Federal Open Market Committee meeting on June 17, 2026. The committee voted unanimously to maintain policy rates between 3.5% and 3.75%. Warsh is pursuing a "regime change" to overhaul the central bank's operations and communications.

   What's confirmed:

   • Kevin Warsh presided over his first FOMC meeting as Fed Chair on June 17, 2026.
   • FOMC participants voted unanimously to keep policy rates unchanged at 3.5%-3.75%.
   • Warsh called for "regime change" at the Fed during his April Senate Banking Committee confirmation hearing.

   Still unconfirmed:

   • Warsh seeks fewer interventions in financial markets, a smaller balance sheet, and fewer speeches regarding policy differences.
   • Warsh is critical of the "dot plot" and other forms of "forward guidance".
   • Warsh left his first term on the board in 2011 due to policy differences.
   confidence 90%
2. 3d ago

   Kevin Warsh Launches Five-Task-Force Initiative to Remake Federal Reserve

   Federal Reserve Chairman Kevin Warsh has initiated a sweeping overhaul of the central bank's policy-setting and communication methods. The plan utilizes five task forces to rethink the Fed's balance sheet, inflation frameworks, and data usage. This approach aims to create a more principle-driven and forward-looking institution.

   What's confirmed:

   • Chairman Kevin Warsh established five task forces to rethink the Federal Reserve's policy-setting processes and approaches.
   • The initiative covers the Fed's balance sheet, communications, inflation frameworks, data, and AI implications.
   • Warsh described the effort as regime change "in a velvet glove".
   • The Federal Reserve's balance sheet is anchored at $6.7 trillion.

   Still unconfirmed:

   • A quieter Federal Reserve could lead to higher rates and volatile markets.
   confidence 90%