Warsh Faces FOMC Decision as Rate Hike Odds Shift

The Federal Open Market Committee's July meeting is taking place from Monday to Wednesday, with new Fed Chair Kevin Warsh set to deliver an interest rate decision and a subsequent press conference.

This marks only Warsh's second meeting as chair, during which he has been steering the central bank away from its previous focus on stock market movements by signaling a substantial reduction in forward guidance.

A 68.5% chance of leaving rates unchanged is predicted by the CME Group's FedWatch tool, with a 31.5% probability of a quarter-point hike bringing the rate to a range of 3.75% to 4%.

Lorie Logan and Beth Hammack have publicly stated their support for a rate hike at the July meeting, while Stephen Juneau believes Warsh could secure the necessary votes on the FOMC if he desired.