Under new chair Kevin Warsh, the US Fed held interest rates steady, asserting its independence from political influence. This decision prioritizes price stability amidst 4.2% inflation, despite Warsh's past calls for lower rates. He now aligns with the Fed's 2% inflation target. The FOMC's unanimous choice and updated outlook suggest no rate cuts or small hikes, prompting market selloffs. Warsh plans reviews of Fed decision-making, communication, and its substantial balance sheet, acknowledging global impact.