Good afternoon and welcome to Markets Desk, your midday read on what's moving and why.
The Federal Reserve held interest rates steady at today's FOMC meeting, and Fed Chair Kevin Warsh used the occasion to signal what he's calling a regime change in monetary policy, dropping pointed guidance about the direction of rates heading into two thousand twenty seven. What made the pause striking is the internal tension Warsh refused to resolve — most policymakers acknowledge the economy is holding firm and inflation remains above target, yet the Fed sat on its hands anyway, leaving markets to parse the silence.
Shifting to the legal world, Weil Gotshal, one of Wall Street's most storied law firms, is winding down after a failed merger attempt with Willkie Farr and Gallagher collapsed this month. A wave of partner departures followed, making the firm unviable as a going concern. Restructuring advisory firm AlixPartners has now been tapped to manage the dissolution — a striking end for a firm that spent decades advising others through bankruptcy.
And on the housing front, Zillow is warning prospective buyers that mortgage costs tell only part of the story. With rates stubbornly elevated, the platform flagged that maintenance, insurance, and property taxes now add thousands annually on top of principal payments — a second price tag that many first-time buyers are underestimating.
That's the tape. Markets Desk, signing off the floor.
