The U.S. Federal Reserve’s policy meeting in June marked Kevin Warsh's first as Chair—and it came with a clear shift in focus. Inflation dominated the press conference, while the labor market received minimal attention.

The changes went beyond tone. Forward guidance was removed from the Statement, the easing bias is gone, and half of FOMC participants view at least one interest rate hike as appropriate in 2026—up from a majority expecting cuts just three months ago.

In this episode of The 10-Minute Take, RBC Economics' Carrie Freestone and Claire Fan discuss:

• What Chair Warsh signaled about his approach—and how it differs from Jerome Powell's.
• Why current data supports a focus on inflation with core Personal Consumption Expenditures above 3% and the labor market holding steady.
• How the statement shifted from an easing bias to a hawkish lean since March, and what RBC expects for interest rates through 2027.