The Federal Reserve held rates unchanged at the new chair's first meeting. The chair said the Fed is united and committed to controlling inf. He ended the practice of issuing forward guidance ahead of the statement but the Fed released a dot plot showing nine officials expect rate hikes by year‑end, eight expect no change and one expects a cut. The chair did not submit a personal projection and said markets should price policy based on incoming data rather than Fed forecasts. He declined to say

The Federal Reserve held rates unchanged at the new chair's first meeting. The chair said the Fed is united and committed to controlling inf. He ended the practice of issuing forward guidance ahead of the statement but the Fed released a dot plot showing nine officials expect rate hikes by year‑end, eight expect no change and one expects a cut. The chair did not submit a personal projection and said markets should price policy based on incoming data rather than Fed forecasts. He declined to say whether he has spoken to President Trump since taking office; Trump, who nominated him, has pushed for cuts but recently said the chair should 'do what he wants'. The dot plot’s distribution and removal of front‑loaded guidance shift emphasis to data‑dependent market pricing; the chair’s political independence will be a follow‑on market risk.