On the morning when Kevin Warsh slid into the chair of the Fed, the room wore the quiet of men who count money the way farmers count weather. No bolt of lightning, no great shout from the gods-just a steady shoulder, as rates held fast and the day went on with its ordinary chores.
With the benchmark resting between 3.5% and 3.75%, Bitcoin trembled a little, a small surge in a vast engine, enough to make the nerves of a few traders twitch. There were signs, too, that a correction might be lumbering down the road, dragging its feet like a tired mule at dusk.
Recall that nearly two months ago, the Fed under Jerome Powell left the rates unchanged for the third consecutive time. Yet there were whispers from Powell’s lips and from the wind that rate hikes might still come, as certain as the sun rising on a stubborn field.
David Wessel, the steady voice atop Brookings’ Hutchins Center on Fiscal and Monetary Policy, called today a non-event, yet noted that Warsh now finally has the power to tilt the whole thing after years of “ranting about” it, as if the weather itself might be persuaded by a man with a plan.
Bank of America’s fund manager survey showed that 55% expected Warsh to be hawkish at the press conference, but Stephen Juneau, the bank’s US economist, stood apart from the chorus with a grin and a shrug.
“The investor consensus seems to be that Warsh will lean hawkish in his press conference. We think he’ll be dovish.”
Bitcoin’s price moved like a stubborn animal in the hours before the word came: it slipped below $65,000, then galloped to $66,400, only to sag again by more than a grand in the first minutes after the news of the unchanged rates hit the wires.
Earlier whispers from crypto sages suggested that this first FOMC meeting, followed by Warsh’s press conference, could be one of the most important macro moments for the industry in years, a moment when the world decides which way the wind blows for coins and committees alike.
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2026-06-17 21:14