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LivestreamMenuKevin Warsh, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, June 17, 2026. Al Drago | Bloomberg | Getty Images
Treasury yields were mixed on Thursday as investors digested the conclusion of Kevin Warsh’s first meeting as chair of the Federal Reserve.
The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was largely flat at 4.457%.
The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, rose over two basis points to 4.189%. The longer-dated 30-year Treasury bond yield fell over 4 basis points to 4.885%.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
Kevin Warsh‘s first meeting as Federal Reserve chairman concluded Wednesday with no change in interest rates and a nod to possible hikes ahead. The meeting also saw the removal of key language indicating a bias toward future cuts within a dramatically shorter policy statement.
The Fed kept the benchmark federal funds rate unchanged and anchored at 3.5%-3.75%.
Complicating the picture was Warsh’s decision to abstain from submitting a rate forecast.
He confirmed at a news conference following the decision that he had declined to share a forecast and is forming task forces to overhaul major Fed operations.
“I did not submit a dot for me,” Warsh said. “It’s not helpful in the conduct of policy.”
Nevertheless, market commentators felt Warsh’s first address ran smoothly.
“What was interesting from Warsh’s first FOMC outcome is a clear message to markets that the Federal Reserve sees inflation as an issue to be solved, and if they do identify an inflation problem, they are prepared to act,” ING’s rates analysts wrote in a note published Thursday.
“Not exactly what was expected when President Trump gave the job to Warsh. But it does add a proper layer of credibility to Warsh’s FOMC.”
Byron Anderson, head of fixed income at Laffer Tengler Investments, said the world is going “back in history to when markets react to the Fed and not the Fed reacting to markets.”
Elsewhere, traders will also be watching for May’s leading indicators and June’s Philadelphia Fed Index reading, alongside initial jobless claims from the week ended June 13.
— CNBC’s Jeff Cox and Lisa Kailai Han also contributed to this report.
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