Week of 22 - 26 June 2026 | A new Fed era under Warsh

In this edition of Amundi's Weekly Market Directions: 

• The Fed left interest rates in the range 3.5% - 3.75%, a widely expected outcome. The decision to hold was unanimous.
• Warsh was clear in saying that the Fed will prioritise price stability, but he also announced task forces on reforms crucial to the conduct of policy.
• With no forward guidance, investors will need to delve deeper into the data to gain insight into monetary policy actions. 

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Monica Defend

Monica Defend

Head of Amundi Investment Institute

The message is clear for Warsh’s new Fed: prioritise price stability to preserve credibility, while also creating task forces to adapt monetary policy to a changing world.

Monica Defend, Head of Amundi Investment Institute

Read the full weekly market directions

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of 22 June 2026. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.
 

Date of first use: 22 June 2026

Doc ID: 5575852