US holds interest rates, as new Fed Chairman Warsh returns to his hawkish roots

The challenge is that the post-pandemic rise in inflation is still with us and the Fed is the one institution tasked with ensuring it ends, but it has proven a heavy lift thus far, writes KPMG US Chief Economist Diane Swonk.

The United States (US) Federal Open Market Committee (FOMC) – the policy setting arm of the Federal Reserve – voted unanimously to hold rates unchanged at the June meeting. The statement that followed the decision was shorter and removed the bias to ease. The new Fed Chairman Kevin Warsh took a victory lap with a shorter statement, which dropped all forward guidance. Those are two goals that Warsh campaigned on. The statement ended with confirmation of the Fed's commitment to p...

Sign in below or register now to read the full article

Authors: Diane Swonk

Published Date: 18 June 2026