Investors piled on bets for higher borrowing costs after Kevin Warsh opted against providing policy guidance at his first meeting as Federal Reserve chairman.

Kevin Warsh began his tenure as chairman of the Federal Reserve with a solemn vow to curb inflation and a clear sign that he plans to swiftly revamp how the US central bank does its job.

It was the fourth straight meeting in which the central bank left interest rates unchanged and the first with new Fed Chair Kevin Warsh.

U.S. President Donald Trump greets the new Federal Reserve Chair Kevin Warsh after he was sworn in by U.S. Supreme Court Justice Clarence Thomas, in the East Room at the White House in Washington, D.C.

Warsh didn’t contribute his own estimate. His rationale is that markets ought to set prices based on how investors interpret real-time economic data, rather than what the Fed is

The Federal Reserve elected to leave interest rates unchanged. Several Fed members are signaling higher rates to combat inflation. The Federal Reserve played it safe Wednesday, holding interest rates steady in the first meeting under new chairman Kevin Warsh.

Although the Federal Reserve left interest rates unchanged, its new Chair Kevin Warsh promised the central bank will deliver on price stability.

The Federal Reserve held interest rates steady at Warsh’s first meeting. Trump called off a confirmation hearing for his intelligence chief nominee. Trump met with Ukrainian President Volodymyr Zelensky.