Warsh's First Federal Reserve Meeting Marks the Beginning of a New Policy Era

Amundi Asset Managers /

29-06-2026

Amundi argues that Kevin Warsh's first meeting as Federal Reserve Chair signals a meaningful shift in U.S. monetary policy, with a renewed emphasis on restoring inflation credibility while modernising how the central bank operates.

The Federal Reserve left interest rates unchanged but abandoned forward guidance, meaning future policy decisions will depend more heavily on incoming economic data rather than predetermined policy signals.
Warsh announced five internal task forces to review areas including inflation analysis, communications, data quality and the Federal Reserve's balance sheet, changes that could have lasting implications for financial markets and liquidity.
Amundi believes inflation remains the Fed's primary concern as producer prices continue to accelerate, suggesting markets may need to prepare for a longer period of restrictive monetary policy than previously expected.

Read the full update for Amundi's latest assessment of Federal Reserve policy, inflation risks and the outlook for global financial markets.