The Federal Reserve held interest rates steady at its June meeting, but signaled a shift toward tighter policy under new Chair Kevin Warsh, marking a decisive turn away from expectations of near-term easing.

The Federal Open Market Committee left the federal funds rate unchanged at a range of 3.50% to 3.75%, in line with market consensus. The policy statement and updated projections, however, pointed to renewed concern over inflation and a growing willingness among policymakers to raise rates later this year.

Officials now expect the benchmark rate to reach 3.8% by the end of 2026, up from a 3.4% projection in March. Rate expectations for 2027 and 2028 also moved higher,…

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