Opinion: Trump picked Kevin Warsh to cut rates. The new Fed chief just told us he has other plans.

The Federal Reserve is a sprawling bureaucracy, averse to change. With that in mind, the latest FOMC meeting and press conference — the first under new Fed Chair Kevin Warsh — came as a pleasant surprise. The Fed held its target for the federal funds rate at 3.5% to 3.75%. While that decision itself was routine (markets had treated it as a near-certainty), the circumstances were anything but. The post-meeting statement was among the shortest in decades; the forward guidance language that long told markets what to expect was gone, and Warsh declined to submit his own forecasts for the Summary of Economic Projections (SEP).