On Wednesday, July 29, 2026, a television station broadcast remarks by U.S. Federal Reserve Board Member Kevin Warsh speaking after the Federal Open Market Committee (FOMC) meeting in the chambers of the New York Stock Exchange (NYSE) in New York, USA.
Michael Nagle | Bloomberg | Getty Images
Economists and investors got an update on the Federal Reserve’s new era of communications in a statement from the Federal Open Market Committee on Wednesday.
Below is a comparison of Wednesday’s FOMC statement with the statement issued after its last policy meeting in June.
The text removed from the June statement is red with a horizontal line down the middle. Text that appears for the first time in a new statement is underlined in red. Both statements display black text.
Wednesday’s announcement was the second such statement under Chairman Kevin Warsh, who has promised significant changes to how the Fed anticipates public expectations for monetary policy.
The Fed’s last statement in June provided the first glimpse of how communications would change with Mr. Warsh at the helm.
The June statement contained about 130 words, lower than the more than 300 word figure recorded at recent meetings, according to a CNBC analysis of the presentation materials. It did not include forward guidance or information on how FOMC members should vote, both of which were accompanying announcements under the previous administration of President Jerome Powell.
Warsh acknowledged the “differences” in the statement at the beginning of his first press conference as chair in June. He said forward guidance was “not well suited to the current policy mix.”
“It’s a little shorter, it’s a little simpler, and we don’t need the old wording,” Warsh said in June. “That statement only represents the facts to the best of our ability.”
Investors had previously been scrutinizing official releases for redacted language that could signal a change in policy views within the central bank. But since last month’s announcement, traders have wondered whether the Fed will use a new, shorter template or whether its statements will vary significantly from meeting to meeting.
Some on Wall Street are eyeing tools that use artificial intelligence to analyze communications from the Warsh-led central bank.
Mr. Warsh announced in June that he would form a task force to examine key aspects of the Fed’s operations. He said earlier this month that University of Washington professor Peter Fisher and former Bank of England governor Mervyn King were among the members of the communications-focused group.
