NEW FED CHAIR KEVIN WARSH JUST OVERHAULED THE POLICY STATEMENT IN HIS FIRST MEETING 🇺🇸 He rewrote it almost top to bottom, and the vote came back unanimous. Here's what changed from Powell's last statement: Warsh dropped the easing bias. In April, three officials refused to back the statement specifically because of it, and one wanted a rate cut. This statement passed 12-0. He stripped out the forward guidance. The old language about carefully assessing incoming data and the evolving outlook before any further adjustments was deleted entirely. In its place, a blunt new line: "The Committee will deliver price stability." The inflation language got sharper. The Fed now ties elevated inflation to supply shocks in certain sectors, including energy, and cites the conflict in the Middle East as a source of uncertainty. The read: Warsh's Fed is more resolute and less data-dependent than Powell's. The new dot plot backs it up, now implying a rate hike in 2026. WOLF: THE FED'S NEW PROJECTIONS NOW IMPLY A RATE HIKE IN 2026 🇺🇸 The median official sees the fed funds rate at 3.8% by year-end, up from 3.4% in March. The new dot plot path: - 2026: 25 bps of hikes - 2027: 25 bps of cuts - 2028: another 25 bps of cuts The reason is inflation.