Realtor.com framed the June meeting as Warsh’s first as the new chairman. He had called for “regime change” at the central bank. The June minutes show the Committee still directed the Desk to keep the funds rate in a 3-1/2 to 3-3/4 percent range, with interest on reserves at 3.65% and the primary credit rate at 3.75%.
HousingWire’s recap of the same period noted this was the fourth straight pause, with May CPI at 4.2% and payrolls still adding jobs. Nine officials saw a hike by year-end in the June projections, and the median funds-rate dot moved up to 3.8%.
New chair, same message for borrowers: do not finance a long-term asset on a short-term hope. Structure the loan so the payment works if the next move is a hike, not a cut.
Sources: Federal Reserve June 16–17, 2026 minutes; Realtor.com (June 16, 2026); HousingWire (June 17, 2026).