Live: ASX to open down as new Fed chair leaves rates on hold

The ASX is set to open down this morning, with the US Federal Reserve deciding to keep interest rates on hold.

It was the first meeting for new Fed Reserve chairman Kevin Warsh.

Follow the day's market news in our blog.

Disclaimer: this blog is not intended as investment advice.

Collapse all posts

Thu 18 Jun 2026 at 7:07am

Thu 18 Jun 2026 at 7:07am

Warsh pledges to fight inflation, stays mum on projections

By Alison Branley

Kevin Warsh used his first press conference as Federal Reserve Chair to pledge a fight against inflation, which was a surprise policy shift among some investors.

Speculators suggest this means there's possibly one more rate hike in for the US this year, a big about-face from a mooted rate cut signposted in March.

"Persistently high prices are a burden for the American people. But the recent past need not be prologue," Warsh said in his first remarks.

"This committee will deliver price stability," he said.

The Fed's statement is now shorter and shows no intention about future interest-rate moves – or the so called 'forward guidance.'

Warsh refused to validate the market's read that a hike is now locked in. Warsh said the projections arrived like pencils "with the big erasers."

They meet again in six weeks.

- With Benzinga newswire.

Thu 18 Jun 2026 at 6:59am

Thu 18 Jun 2026 at 6:59am

Dow Jones and Nasdaq both down after US rates left on hold

By Alison Branley

The Dow Jones Industrial Average  has taken a hit as late-hour selling spread throughout stocks after the Federal Reserve announced no move on interest rates at its first meeting overseen by new Fed Chair Kevin Warsh.

This morning, the Dow Jones Industrial Average was 51,492.55 down 0.98%.

The Nasdaq was 26,021.66 down 1.35%

Meanwhile, SpaceX marked its first drop as a publicly traded company on the stock market,  as shares fell 5%.

Earlier, the Dow was on track for a fifth straight rise. It also struck an all-time high for a third straight session.

SpaceX, which trades on the Nasdaq, has now skidded 15% below its intraday high of 225.64, set on Tuesday.

Thu 18 Jun 2026 at 6:49am

Thu 18 Jun 2026 at 6:49am

Morning all

By Alison Branley

Good morning. Alison Branley here with you this morning for the ABC news business blog.

In week with good news for borrowers and motorists, now here's some extra cheerful tidings - at least for the US borrowers.

The US Federal Reserve has voted to keep interest rates on hold for the fourth time this year.

It was the first meeting presided over by new chair Kevin Warsh.

But it's not all sunshine with the ASX expected to open down on the news.

Let's sit back with a cuppa and unpack what it all means for you.