The Federal Reserve left interest rates unchanged at its fourth meeting of the year, now under the command of Kevin Wars
In his debut as the new Fed president, Kevin Warsh announces that interest rates will remain in their range of 3.50% to 3.75%
This Wednesday, June 17, the Federal Reserve (Fed), headed by its new president Kevin Warsh, together with the group of 12 members of the Federal Open Market Committee (FOMC), in its fourth meeting of the year, announces through a press conference that interest rates remain unchanged, thus remaining in the range of 3.50% to 3.75%.
Warsh, who was confirmed by the Senate on May 13, 2026 as the 17th chairman of the Fed, takes office at a time when rampant inflation is once again above 4%, moving away from the Federal Reserve's main goals of 2%.
In recent months, the inflation rate increased to its highest levels since 2023, partly due to the high cost of gasoline due to rising energy prices driven by the closure of the Strait of Hormuz due to the war with Iran.
Previous interest rate hikes, pauses and cuts
With this new decision by the Federal Reserve, this is how the interest rates remain from March 2022 to June 2026:
Historical transition
The new president of the Fed, Kevin Warsh, now succeeds Jerome Powell, who after 8 years left the presidency on May 15. During his tenure, Powell faced economic collapse due to the pandemic, hyperinflation, and tensions with President Donald Trump.