Afford Anything · Friday, July 3, 2026
New Fed Chair Kevin Warsh oversaw the release of a significantly shortened FOMC statement, reducing it from 341 words to 132. The statement notably omitted forward guidance and specific mentions of voting member dissents, emphasizing price stability over maximum employment.
“Now, on June 17th, Kevin Warsh hosted his debut meeting as the Federal Reserve Chairman.”
“And on that day, June 17th, the Federal Open Market Committee released a 132-word statement.”
“Now, even by Fed standards, that's a very short statement. In fact, the statement was originally 341 words. And Warsh slashed it down to only 132, making it one of the shortest statements that the FOMC has ever released.”
“So he eliminated forward guidance.”
“And it was notable, not for what was in it, but rather for what wasn't in it.”
“Now, notably, it talked about price stability, but it did not talk about maximum employment.”