The Federal Reserve will announce its policy decision at 21:00 (MSK), followed by Kevin Warsh’s first press conference at 21:30 (MSK).

Timing and immediate context

Warsh takes the podium as chair for the first time, while Jerome Powell remains a voting member of the board and will continue to cast votes.

Key items to monitor

• Vote split: observe how many committee members dissented and how the split compares with the previous Powell-era panel.
• Statement wording: revisions to the policy statement will signal Warsh’s intended direction and any hint of easing or tightening.
• Macroeconomic projections: Warsh has expressed resistance to extensive forecasting; changes could alter how the Fed communicates outlooks.
• Press conference: Warsh’s remarks on inflation, the balance sheet, and institutional independence will shape market expectations for years.

Market relevance

Traders and analysts will scrutinize every phrase of the post-meeting materials and the press conference for policy orientation and operational priorities.

Geopolitical and forecasting considerations

The evolving situation in the Middle East is noted as a near-term risk that may affect economic projections and could influence the Fed’s communication strategy.