Fed meeting live: Kevin Warsh faces challenging inflation backdrop in his first meeting as Fed chairman

The Federal Reserve is widely expected to hold interest rates steady in the range of 3.5%-3.75% at 2 p.m. ET on Wednesday at the conclusion of its two-day policy meeting. The decision comes at a pivotal time for the Fed and central banks around the world.

The June meeting, which kicked off Tuesday, is Kevin Warsh's first as the central bank's chairman. Warsh has suggested he will adopt a different governing approach from former Fed Chair Jerome Powell and aims to emulate former Fed Chair Alan Greenspan. Notably, Warsh has not committed to holding press conferences after every policy meeting, a practice Powell instituted, though the Fed confirmed there will be a press conference on Wednesday.

The central bank will also issue its Summary of Economic Projections and the highly anticipated "dot plot," providing markets with insight into how FOMC members view the direction of monetary policy for the remainder of the year. The latest dot plot, released after the March meeting, showed Fed officials forecast just one rate cut in 2026.

Market watchers will be scrutinizing Warsh to better understand his views, while also watching for ongoing signs of division at the Fed as the global energy shock from the war in Iran drives higher inflation and growth risks, putting new pressure on the central bank.