{"id":33402,"date":"2026-06-23T10:45:14","date_gmt":"2026-06-23T14:45:14","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=33402"},"modified":"2026-06-23T10:45:16","modified_gmt":"2026-06-23T14:45:16","slug":"kevin-warsh-launches-his-own-fed-renovation-project","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project","title":{"rendered":"Kevin Warsh launches his own Fed renovation project"},"content":{"rendered":"\n<p>\n      For someone who has explicitly called for \u201cregime change\u201d at the U.S.\n      Federal Reserve, Kevin Warsh\u2019s first meeting as chair of the central bank\n      probably shouldn\u2019t have come as a surprise, but by the initial market\n      reaction, it clearly did.\n    <\/p>\n    <p>\n      Though much of this week\u2019s meeting focused on potential changes to how the\n      Fed operates, we think the initial proposals made by Warsh are largely\n      superficial. The bigger surprise came in a foundational shift in where the\n      broader policymaking committee sees rates heading\u2014and that is potentially\n      higher.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Up first: New set of blinds<\/h2>\n    <p>\n      Warsh has made it no secret that he is not a fan of forward guidance or\n      excessive Fed communications. The Fed\u2019s output under its chairs has expanded from essentially nothing during the Alan Greenspan era in the early 1990s, to the first quarterly press conferences under Ben Bernanke in 2007 and later the Fed\u2019s document containing economic and interest rate projections, to press conferences at every meeting under Jerome Powell starting in 2019 along with other efforts. By Bloomberg\u2019s\n      estimates, that culminated in over 75,000 words published in 2025 via the\n      Fed\u2019s various publications, compared to barely 300 in 1995.\n    <\/p>\n    <p>\n      Perhaps things risked getting to the point where if you wanted to invite\n      Powell to your kid\u2019s birthday party to explain the Fed\u2019s latest rate\n      decision while making balloon animals, you could. Maybe the chances\n      weren\u2019t great that he would show up, but they also weren\u2019t zero.\n    <\/p>\n    <p>\n      So sure, there\u2019s probably room to start dialling things back, and Warsh did\n      just that. This week\u2019s policy statement was culled to just 130 words, down\n      from 341 at the April meeting.\n    <\/p>\n    <p>\n      We think there was a bigger change that has perhaps flown under the\n      radar. For the past 25 years or so, the results of the policy vote, both\n      in favour and against, have been published in the statement.\n    <\/p>\n    <p>\n      But at the top of this meeting\u2019s policy statement, this appeared: \u201cThe\n      Federal Open Market Committee approved the following <b>statement<\/b> for release\n      by a 12-0 vote\u201d (emphasis ours). While that is indeed a vote result, prior\n      statements referenced the vote tally for or against <b>monetary policy\n      action<\/b>. We think the distinction is significant.\n    <\/p>\n    <p>\n      Our view is that the change was made to reflect the massive reduction in\n      the size and scope of the policy statement and to signal that the change\n      was unanimous and not just Warsh walking in with a chainsaw. But we also\n      think that sentence will be deleted going forward, and that monetary\n      policy voting results will no longer be publicized as part of official\n      policy statements.\n    <\/p>\n    <p>\n      If so, that could give Warsh cover. One risk many market participants have\n      flagged was the potential for the Fed chair to cast a dissenting vote on\n      policy decisions, something without real precedent. For example, if a\n      simple majority of the 12-person voting committee votes to raise rates\u2014now\n      a real risk as we\u2019ll discuss shortly\u2014there would be less headline risk on\n      decision days, at least in the immediate aftermath.\n    <\/p>\n    <p>\n      Regardless, it appears that Warsh truly wants to put up blinds on the\n      Fed\u2019s windows. Though we don\u2019t see it as a major issue for markets, it\n      could inject some volatility amid the added uncertainty.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Assessing the foundation<\/h2>\n    <p>\n      And speaking of blinds, the window into the Fed\u2019s thinking on interest\n      rates remains open, at least for now. The big surprise at this week\u2019s\n      meeting, in our view, was the sheer number of policymakers pencilling in\n      rate hikes this year with nine of the 18 submissions seeing at least one\n      hike; of those, five saw two hikes and one projected three (Warsh did not\n      submit a forecast as, again, he doesn\u2019t believe in offering forward\n      guidance).\n    <\/p>\n    <p>\n      While much has been made about the Middle East conflict\u2019s impact on oil\n      prices, inflation, and the related shift in the market\u2019s pricing of rate\n      hikes from central banks, we have maintained that this was missing the\n      bigger picture and has waned in importance with respect to the interest\n      rate outlook.\n    <\/p>\n    <p>\n      As the chart shows, the incoming U.S. economic data has rarely been\n      better, and has had a strong correlation with market-based pricing of rate\n      cut and rate hike expectations. With economic data surprises running near\n      multi-year highs, markets simply see a fundamental case for rate hikes,\n      especially as inflation remains above the Fed\u2019s two percent target and at\n      risk of running even higher if the economy runs hotter.\n    <\/p>\n    <!-- EXHIBIT 1-->\n    <h3>\n      Rising Fed rate hike expectations may simply reflect strengthening\n      economic data\n    <\/h3>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/kevin-warsh-launches-fed-renovation-chart-1.png\"\n          alt=\"Rising Fed rate hike expectations may simply reflect strengthening economic data \"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"ex1desc\"\n        \/>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-yellow\"><\/div>\n            Citigroup Economic Surprise Index (left)\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            Year-ahead implied federal funds rate (right)\n          <\/li>\n        <\/ul>\n        <p class=\"footnote\">\n          Note: Economic Surprise Index advanced by eight weeks; one-year forward\n          rate based on overnight indexed swap data.\n        <\/p>\n        <p class=\"disclaimer\">\n          Source &#8211; RBC Wealth Management, Bloomberg, Citigroup\n        <\/p>\n        <p class=\"sr-only\" id=\"ex1desc\">\n          The chart compares the Citigroup Economic Surprise Index and the\n          year-ahead implied federal funds rate based on overnight indexed swap\n          data since March 2023. The Economic Surprise Index is advanced by\n          eight weeks to facilitate comparison. The surprise index and implied\n          federal funds rate have moved roughly in parallel over the period\n          shown. Both have been trending generally upwards since late 2025.\n        <\/p>\n      <\/div>\n    <\/div>\n    <!-- SECTION -->\n    <h2>Getting to work: Task Force Five<\/h2>\n    <p>\n      For anyone who has worked at a company, they\u2019ve probably seen something\n      like this. Warsh announced five task forces on: communications, the Fed\u2019s\n      balance sheet, data sources, productivity and jobs, and inflation\n      frameworks. He often cited these task forces when asked specific questions\n      and though they featured heavily during his press conference as a key\n      initiative, we think the universal truth of these sorts of reviews will\n      remain true: some things change, most don\u2019t. Additionally, much of what\n      Warsh has proposed already exists at the Fed, or these reviews have been\n      conducted previously.\n    <\/p>\n    <p>\n      Our base case, though, is that press conferences are pared back to an\n      as-needed basis and that the Fed\u2019s Summary of Economic Projections\u2014or at\n      least the \u201cdot plot\u201d (the committee\u2019s projections of interest rates)\u2014goes\n      the way of the dodo bird. But really, as we see it, the Fed is bad at\n      forecasting rates. Markets are bad at forecasting rates. Everyone is\n      pretty bad at forecasting rates. The dot plot was a nice-to-have thing,\n      but maybe not a need-to-have. Again, tweaks here and there, but nothing we\n      see as materially moving the needle.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Letting the dust settle<\/h2>\n    <p>\n      The Fed meeting sparked significant market swings, with the\n      policy-expectations-sensitive two-year Treasury yield seeing large moves\n      along with stock market declines\u2014but both have already been unwound to\n      varying degrees. Though uncertainty remains high with respect to what\n      comes next, the bar for rate hikes has certainly been lowered.\n    <\/p>\n    <p>\n      Still, if we had to game out for investors what the first year under Warsh\n      looks like, it could look like this. Though he was likely brought in by\n      President Donald Trump to lead the charge toward lower interest rates, we\n      believe those are firmly off the table. Warsh may try to keep hikes off\n      the table, but his reputation has always been as an inflation hawk.\n      Therefore, while he might not vote to raise rates, we don\u2019t think he\u2019ll\n      stand in the voting committee\u2019s way if that\u2019s where the votes fall. And\n      during his press conference, he certainly didn\u2019t stand in the way of the\n      rate hike sentiment that appears to be percolating amongst the committee.\n    <\/p>\n    <p>\n      Ultimately, Warsh could see near-term rate hikes as necessary to finally\n      get inflation back down to the two percent target. On top of that, the\n      math next year should work in favour of lower inflation readings as the\n      data will \u201clap\u201d current high inflation numbers north of four percent. Our\n      current forecast has annual headline Consumer Price Index inflation at\n      just 1.5 percent in Q2 of next year. At that point, he could claim the\n      inflation victory that had eluded Powell to this point and then rally the\n      troops around a more significant easing cycle that is perhaps aided by an\n      AI-induced productivity boom that fuels strong economic growth and labour\n      market strength, but without the inflationary pressures.\n    <\/p>\n    <p>\n      We shall see, but this week could have marked a bigger\u2014or at least\n      earlier\u2014shake-up at the Fed than many had been prepared for.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.<\/p>\n","protected":false},"author":22,"featured_media":33403,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"rbcwm_post_date":"2026-06-18T09:11:20","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[73],"tags":[1084,1045],"rbcwm_content_owner":[607],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[74],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-33402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-federal-reserve-2","tag-the-fed-2","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.","rbcwm_post_author":[1342],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Kevin Warsh launches his own Fed renovation project<\/title>\n<meta name=\"description\" content=\"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kevin Warsh launches his own Fed renovation project\" \/>\n<meta property=\"og:description\" content=\"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project\" \/>\n<meta property=\"og:site_name\" content=\"RBC Wealth Management\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-23T14:45:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-23T14:45:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/scl-Federal-Reserve-Building-USA-at-sunset-hor-EN.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"627\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"chloetejada\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project\"},\"author\":{\"name\":\"chloetejada\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#\\\/schema\\\/person\\\/c2bb0a72d12219d75bf7f724d256ed9c\"},\"headline\":\"Kevin Warsh launches his own Fed renovation project\",\"datePublished\":\"2026-06-23T14:45:14+00:00\",\"dateModified\":\"2026-06-23T14:45:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project\"},\"wordCount\":1380,\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2026\\\/06\\\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg\",\"keywords\":[\"federal reserve\",\"the fed\"],\"articleSection\":[\"Analysis\"],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project\",\"name\":\"Kevin Warsh launches his own Fed renovation project\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2026\\\/06\\\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg\",\"datePublished\":\"2026-06-23T14:45:14+00:00\",\"dateModified\":\"2026-06-23T14:45:16+00:00\",\"description\":\"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2026\\\/06\\\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2026\\\/06\\\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg\",\"width\":3210,\"height\":2140,\"caption\":\"The Eccles Building, headquarters of the U.S. Federal Reserve, photographed at sunset in Washington, D.C. The neoclassical white marble fa\u00e7ade features tall columns, a central portico, and an eagle relief above the entrance. An American flag and a second flag fly from a rooftop flagpole against a dramatic pink and grey sky. Autumn trees line the grounds, and broad stone steps lead up to the entrance.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/insights\\\/kevin-warsh-launches-his-own-fed-renovation-project#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Kevin Warsh launches his own Fed renovation project\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#website\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/\",\"name\":\"RBC Wealth Management\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#organization\",\"name\":\"RBC Wealth Management\",\"alternateName\":\"RBC Wealth Management\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2023\\\/02\\\/rbc.png\",\"contentUrl\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/wp-content\\\/uploads\\\/sites\\\/5\\\/2023\\\/02\\\/rbc.png\",\"width\":3000,\"height\":2000,\"caption\":\"RBC Wealth Management\"},\"image\":{\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.rbcwealthmanagement.com\\\/en-ca\\\/#\\\/schema\\\/person\\\/c2bb0a72d12219d75bf7f724d256ed9c\",\"name\":\"chloetejada\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g\",\"caption\":\"chloetejada\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Kevin Warsh launches his own Fed renovation project","description":"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project","og_locale":"en_US","og_type":"article","og_title":"Kevin Warsh launches his own Fed renovation project","og_description":"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.","og_url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project","og_site_name":"RBC Wealth Management","article_published_time":"2026-06-23T14:45:14+00:00","article_modified_time":"2026-06-23T14:45:16+00:00","og_image":[{"width":1200,"height":627,"url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/scl-Federal-Reserve-Building-USA-at-sunset-hor-EN.jpg","type":"image\/jpeg"}],"author":"chloetejada","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#article","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project"},"author":{"name":"chloetejada","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c"},"headline":"Kevin Warsh launches his own Fed renovation project","datePublished":"2026-06-23T14:45:14+00:00","dateModified":"2026-06-23T14:45:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project"},"wordCount":1380,"publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#organization"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg","keywords":["federal reserve","the fed"],"articleSection":["Analysis"],"inLanguage":"en-CA"},{"@type":"WebPage","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project","url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project","name":"Kevin Warsh launches his own Fed renovation project","isPartOf":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage"},"thumbnailUrl":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg","datePublished":"2026-06-23T14:45:14+00:00","dateModified":"2026-06-23T14:45:16+00:00","description":"This week brought the highly anticipated first policy meeting under the Warsh regime at the Fed. We look at how the Warsh era kicked off and how the central bank may evolve under its new chair.","breadcrumb":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project"]}]},{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#primaryimage","url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg","width":3210,"height":2140,"caption":"The Eccles Building, headquarters of the U.S. Federal Reserve, photographed at sunset in Washington, D.C. The neoclassical white marble fa\u00e7ade features tall columns, a central portico, and an eagle relief above the entrance. An American flag and a second flag fly from a rooftop flagpole against a dramatic pink and grey sky. Autumn trees line the grounds, and broad stone steps lead up to the entrance."},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/kevin-warsh-launches-his-own-fed-renovation-project#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/"},{"@type":"ListItem","position":2,"name":"Kevin Warsh launches his own Fed renovation project"}]},{"@type":"WebSite","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#website","url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/","name":"RBC Wealth Management","description":"","publisher":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#organization","name":"RBC Wealth Management","alternateName":"RBC Wealth Management","url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2023\/02\/rbc.png","contentUrl":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2023\/02\/rbc.png","width":3000,"height":2000,"caption":"RBC Wealth Management"},"image":{"@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/#\/schema\/person\/c2bb0a72d12219d75bf7f724d256ed9c","name":"chloetejada","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0b3dde7a1d86146de8471500a717b01fe28aa3a67f2ccf8021ba2d1a62ea01df?s=96&d=mm&r=g","caption":"chloetejada"}}]}},"jetpack_featured_media_url":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/06\/Federal-Reserve-Building-USA-at-sunset-3210x2140-1.jpg","jetpack_sharing_enabled":true,"publishpress_future_action":{"enabled":false,"date":"2026-07-13 07:22:48","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"RBC Wealth Management","distributor_original_site_url":"https:\/\/www.rbcwealthmanagement.com\/en-ca","push-errors":false,"last_revision_date":"2026-06-23 10:20:03","_links":{"self":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/posts\/33402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/comments?post=33402"}],"version-history":[{"count":5,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/posts\/33402\/revisions"}],"predecessor-version":[{"id":33410,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/posts\/33402\/revisions\/33410"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_cta\/11937"},{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_people\/1342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/media\/33403"}],"wp:attachment":[{"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/media?parent=33402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/categories?post=33402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/tags?post=33402"},{"taxonomy":"rbcwm_content_owner","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_content_owner?post=33402"},{"taxonomy":"rbcwm_need","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_need?post=33402"},{"taxonomy":"rbcwm_segment","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_segment?post=33402"},{"taxonomy":"rbcwm_solution","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_solution?post=33402"},{"taxonomy":"rbcwm_topic","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_topic?post=33402"},{"taxonomy":"rbcwm_channel","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_channel?post=33402"},{"taxonomy":"rbcwm_format","embeddable":true,"href":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-json\/wp\/v2\/rbcwm_format?post=33402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}