The FOMC voted unanimously to keep the target range at 3.50–3.75%, though the dot plot shifted sharply hawkish.
The first-meeting market resolved on the FOMC statement published at federalreserve.gov after Warsh's first meeting as chair; an unchanged target range resolves YES.
Four of the five chairs before him raised rates within two meetings. We looked at every new Fed chair since 1979 who took over while prices were rising and the next step on rates was open. Kevin Warsh is the sixth. Of the five before him, only Janet Yellen waited.