Kevin Warsh just killed the Fed's safety blanket and now everyone has to price their own risk

New Fed Chair Kevin Warsh dropped forward guidance and refused to submit a dot plot projection at the June 17 FOMC meeting, ending decades of pre-signaled rate communication. With nine of 18 members now projecting rate hikes in 2026 and long-rate uncertainty rising, founders and AI infrastructure investors face a financing environment with no Fed anchor and potentially higher borrowing costs than their models assumed.