Warsh Dropped Forward Guidance: July 29 Press Conference Becomes Key Rate-Path Signal

At his first FOMC meeting as chair, Kevin Warsh dropped forward guidance — the practice of signaling the likely path of future rate moves. With the federal funds rate unchanged at 3.50–3.75% throughout 2026 and Warsh calling inflation "too high," the July 29 press conference is now the primary venue for markets to parse the Fed's rate intentions.