The Federal Reserve kept interest rates unchanged Wednesday in Kevin Warsh’s first policy meeting as chair, delivering a widely expected pause as markets looked for clues on how the new Fed chief will steer policy through the rest of the year.

The Federal Open Market Committee voted 12 to 0 to maintain the target range for the federal funds rate at 3.50% to 3.75%. The Committee also reaffirmed its policy of maintaining ample reserves in the banking system.

Bitcoin fell nearly 1% after the Fed announcement, extending earlier weakness as markets reacted to Warsh’s first policy statement as chair. The broader crypto market traded cautiously, while the S&P 500 and Nasdaq were down around 1% as traders waited for the Fed’s statement, updated projections and Warsh’s first press conference as chair.

The statement said economic activity is expanding at a solid pace despite elevated uncertainty tied in part to the conflict in the Middle East. It also pointed to strong productivity growth and capital investment, while noting that job gains have kept pace with the workforce and the unemployment rate has changed little.

Inflation remains above the Fed’s 2% goal, with the Committee saying price pressures partly reflect supply shocks that have lifted costs in certain sectors, including energy. The statement added that the Fed “will deliver price stability,” a firm signal that policymakers are not ready to declare victory on inflation.

The rate decision itself was largely priced in before the announcement, with CME FedWatch showing traders expected the Fed to keep rates steady. The bigger focus is now on the dot plot and Warsh’s press conference, where markets will look for signs of whether the Fed still sees room for rate cuts this year or is preparing to keep policy tight for longer.