Bloomberg's Lisa Abramowicz and Scarlet Fu break down the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance.

Federal Reserve officials left interest rates unchanged and were split over whether they expect to raise rates this year.

Policymakers’ new projections indicated nine officials foresee at least one quarter-point hike this year, with six anticipating at least two. Another nine expected no move or a cut.

Notably, only 18 officials out of 19 entered their projections for rates at the end of 2026. The absence of an entry suggests new Chairman Kevin Warsh, who has been critical of so-called forward guidance, declined to submit a rate forecast.

In its first gathering under Warsh’s leadership, the Federal Open Market Committee voted unanimously Wednesday to hold its benchmark federal funds rate in a range of 3.5% to 3.75%.

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