New chief Kevin Warsh says forward guidance dropped at Federal Reserve
Summary
Kevin Warsh, the new head of the Federal Reserve, announced that the central bank will stop giving predictions about its future actions. The Federal Open Market Committee decided to keep interest rates the same but did not provide forward guidance, which is usually information about future policy moves.Key Facts
- Kevin Warsh is the new chair of the Federal Reserve.
- The Fed decided not to give forward guidance, a forecast of future policy steps.
- The Federal Open Market Committee (FOMC) chose to keep interest rates steady.
- Forward guidance is normally used to signal what the Fed will do next.
- This change marks a shift in how the Fed communicates with the public.
- The decision was announced on a Wednesday.
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