The Federal Reserve left interest rates unchanged this week, but the real news was in the messaging. The central bank signaled it expects to raise rates later this year—a notable shift from the previous cut-friendly tone—as officials try to combat stubborn inflation. The meeting also marked the debut of the Fed's new chair, Kevin Warsh, who's already making his mark. He scrapped the Fed's traditional forward guidance on rate moves and established new task forces aimed at revamping how the central bank communicates and analyzes data. According to France 24, these reforms signal Warsh intends to reshape Fed operations from the top.

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