Fed's Warsh Ends Forward Guidance, Leaving Bond Markets to Price Rates Blind

At the July 29, 2026 FOMC meeting, Chair Kevin Warsh held rates steady and adopted a new policy of offering no forward guidance — no signals on future rate direction. Forward guidance, the Fed's main tool for communicating its rate path, is now gone. Bloomberg, CNBC, and CNN all reported bond market skepticism about Warsh's inflation-fighting commitment despite his repeated assertions that the 2% target is the only goal.