Former Fed Governor Predicts End of Dot Plot Under Kevin Warsh

Former Federal Reserve Governor Betsy Duke expects the central bank to omit its quarterly "dot plot" under Chair Kevin Warsh.

The potential removal of these projections represents a fundamental shift in how the U.S. central bank signals future interest rate paths to global markets. By eliminating the dot plot, the Fed would move away from a specific visual representation of where policymakers expect rates to be in the coming years.

Duke said the transition is "all about communications." This shift comes as Warsh leads his first Federal Open Market Committee meeting on June 16-17, 2026 ^[1]. The meeting in Washington, D.C., is expected to focus heavily on a review of the institution's communication strategies ^[2].

Warsh is described as a hawk who intends to revamp the way the Fed provides forward guidance ^[3]. This strategy involves moving away from the explicit projections that have historically anchored market expectations. To facilitate this overhaul, Warsh has launched five task forces to evaluate the Fed's operational and communication frameworks ^[4].

The dot plot has long been a focal point for investors, providing a glimpse into the collective mindset of the FOMC. However, the move to drop forward-guidance tools suggests a preference for more flexibility in monetary policy. If the projections are omitted, the market will have to rely more heavily on the Chair's verbal statements, and the official policy communique, to gauge the direction of interest rates.

Duke's assessment suggests that the removal of the dot plot is not an isolated change but part of a systemic effort to change how the Federal Reserve interacts with the public and financial institutions ^[3].