The Federal Reserve, led by new Chairman Kevin Warsh, has released the results of its first policy meeting, which took place on June 16-17. The meeting saw officials opt to leave interest rates unchanged, with a range of 3.50% to 3.75%. This decision was made unanimously, despite some officials feeling that rates should be raised to combat inflation, which is currently running at roughly twice the Fed’s 2% target.

Warsh’s Impact on the Fed

Warsh, who was appointed by President Donald Trump, has promised major reforms for the central bank. He has already made changes to the committee’s post-meeting policy statement, stripping it of forward guidance and curtailing descriptions of current economic conditions. It is unclear whether he will make similar changes to the meeting minutes, which are set to be released on Wednesday.

The minutes could provide valuable insight into the Fed’s thinking, particularly with regards to inflation control. Warsh has emphasized the importance of controlling inflation, and investors are now broadly expecting at least one rate hike this year. The new chairman has also announced the formation of five task forces to review how the Fed conducts its business, covering everything from communications strategy to data assessment.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.