CNBC Fed Survey: Warsh's Fed not expected to change rates for a while

The latest CNBC Fed Survey of economists, fund managers and analysts found that respondents do not expect Kevin Warsh's first Federal Open Market Committee meeting as Federal Reserve chair to produce a change in the benchmark interest rate. The survey reports the wait-and-see stance extends well beyond his debut session.

The rationale cited is that inflation remains above the Fed's 2% target while the labour market is still resilient, leaving little reason for an immediate move. Treasury yields slipped before the meeting as investors priced in a confirmation of the current stance rather than a dovish pivot. None of this is investment advice.

Markets will focus on Warsh's economic projections, the dot plot and his press conference for signals on the policy path. Revisions to growth, unemployment and inflation forecasts, along with any fine-tuning of balance-sheet policy, will be closely watched globally given the dollar's role in funding markets.