Kevin Warsh held rates steady in the 3.50%–3.75% range in his first meeting as Fed Chair, a move the market priced in with near-total certainty. The real win for bulls isn't the hold — it's the dovish lean. Warsh has long argued that forward guidance and the "dot plot" shackle the Fed's flexibility, and he signaled he may scrap the rate-projection grid entirely. Markets interpreted this as a green light: a Fed unconstrained by its own forecasts could pivot faster if the...