The Fed Removed This 1 Key Phrase From the Inflation Report. What That Means for the Market.
The new Fed chair is breaking with his predecessors.
Overview
On June 17, the Federal Reserve held its fourth Federal Open Market Committee (FOMC) meeting of the year. It was also the first Fed meeting chaired by Kevin Warsh, who was nominated by President Trump and succeeded Jerome Powell on May 22.
The Fed kept the benchmark rate unchanged at 3.50%-3.75%, which probably didn't surprise many investors, given that inflation hit a three-year high of 4.2% in May. But Warsh also broke with his predecessors, halting the Fed's forward guidance on the economy and refusing to submit his own interest rate projections.
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Originally published at www.fool.com.
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