Fed Chair Kevin Warsh Is Reshaping the Central Bank, but the Unintended Consequences of His Actions Can Derail Wall Street

Kevin Warsh took over as Fed chair from Jerome Powell on May 22, becoming the 17th Federal Reserve leader since the central bank began in December 1913. Since his confirmation in April, Warsh has moved quickly to remake how the Federal Open Market Committee communicates policy, including eliminating forward-looking guidance from FOMC meeting statements starting with the June 2026 meeting. The change is intended to limit rumor-driven market swings, but it’s coincided with higher Treasury yields at the long end. The 30-year yield hit a 19-year high, while the 10-year yield is near its post–financial crisis peak.