Fed keeps rates at 3.5-3.75% in unanimous hold as Warsh assumes chair

The Federal Reserve held its target range at 3.5%–3.75% in a unanimous decision, with nine of 18 FOMC members signaling a rate hike later this year. The move comes as Kevin Warsh begins his tenure as Fed chair; the statement described the economy as expanding at a solid pace with strong productivity and job gains, even as uncertainty from the Middle East conflict and energy prices persists. Markets paused after the decision, and traders will scrutinize Warsh’s leadership and the Fed’s dot plot ahead of a scheduled press conference.