Kevin Warsh's first Fed meeting could be more about communication than rates

The Fed is expected to maintain rates at 3.50%-3.75% under new Chair Kevin Warsh, but may adopt a more hawkish tone, removing hints of future rate cuts and emphasizing inflation risks. Warsh may reshape Fed communication, reducing reliance on forecasts and forward guidance. Markets have priced in potential rate hikes despite steady expectations for year-end rates.