The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Gabriel Rubin

WASHINGTON, June 17 (Reuters Breakingviews) - Kevin Warsh’s first meeting as central bank chair was about what won’t happen. Rates held steady below 3.75% as he opened an era of saying less to markets. It creates some breathing room between an impatient Donald Trump and rising prices, but only until hikes become unavoidable.

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CONTEXT NEWS

The Federal Reserve held interest rates steady on June 17, but policymakers expect a hike in borrowing costs later this ​year as inflation continues to run above the U.S. central bank's 2% target.

The two-day conference of the Federal Open Market Committee was Kevin Warsh’s first meeting as chair.