The Federal Reserve held the federal funds rate steady at 3.50%-3.75% on Wednesday, as widely expected, in the first policy meeting under new Fed Chair Kevin Warsh.

The June statement again described inflation as “elevated” relative to the 2% goal, in part because of the recent jump in global energy prices, and said the unemployment rate had changed little.

“The Committee will deliver price stability,” the Fed stated.

The updated Summary of Economic Projections penciled in higher inflation, a lower unemployment rate and one hike this year, marking a hawkish shift from the March dot plot, which had signaled one additional rate cut.

All eyes now turn to Warsh’s first press conference at 2:30 p.m. ET, where investors will hunt for any clue on the Fed’s inflation tolerance and where rates could go from here.

This is a developing story…