Kevin Warsh’s first FOMC press conference on June 17 follows his May 2026 swearing-in as Fed chair and comes amid surging inflation data that has markets shifting away from an easing bias toward possible later-2026 rate hikes. Recent hot CPI and PPI prints have intensified scrutiny of how the new chair will address price stability versus maximum employment, while his Senate testimony emphasized fewer press conferences, “strategic ambiguity,” balance-sheet reduction, and AI-driven productivity effects on inflation. Traders are watching for signals on the dot plot, any change in communication frequency, and independence from administration rate-cut pressure. The June meeting also features updated economic projections, making Warsh’s tone and specific policy language the dominant near-term drivers of positioning.