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The Federal Reserve held interest rates unchanged at Kevin Warsh's first meeting as chair, a steady-as-she-goes opening act that nonetheless left markets on notice: higher borrowing costs are coming.
The decision hands Warsh an immediate test of credibility as he takes the controls of the world's most influential central bank.
President Donald Trump, who installed Warsh in the role, signaled he intends to leave his new Fed chief free to chart his own course.
A Consequential Debut With a Forward Signal Warsh's first meeting produced no immediate rate move, but the more important signal was the direction of travel.
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