Tai Hui, chief market strategist for Morgan Asset Management Asia, said the first FOMC meeting chaired by new Fed chair KEVIN WARSH left the federal funds target range at 3.50%-3.75%. The policy statement was materially shortened—about half the length of April’s four-part release—removing an earlier easing tilt and tightening language on growth, the labor market and inflation. Tai said the Fed showed no urgency to ease, appears willing to remain patient at current rates, and he maintains his vie

Tai Hui, chief market strategist for Morgan Asset Management Asia, said the first FOMC meeting chaired by new Fed chair KEVIN WARSH left the federal funds target range at 3.50%-3.75%. The policy statement was materially shortened—about half the length of April’s four-part release—removing an earlier easing tilt and tightening language on growth, the labor market and inflation. Tai said the Fed showed no urgency to ease, appears willing to remain patient at current rates, and he maintains his view that the Fed will not change rates this year.