Here are five key takeaways from the Fed rate decision and Warsh news conference - CNBC

The Federal Reserve voted Wednesday to hold its benchmark interest rate steady. At the press conference that followed, Fed Chairman Kevin Warsh disclosed some of his thinking about where the U.S. economy stands, and how that affects monetary policy. But for Fed wonks, the big news may have been Warsh's disclosure of some procedural changes ahead.

"The Fed is leaning into patience. It seems they prefer to wait for more information on the appropriate level of rates, as uncertainty reigns supreme in light of recent geopolitical developments." —Phil Camporeale, chief investment strategist, JPMorgan Wealth Management.

"The Fed has time on its side ... But the direction of travel remains clear. The Fed is still taking back some of last year's rate cuts, and the two dissents underline that tightening bias. We expect a hike in December and another in early 2027." — Seema Shah, chief global strategist, Principal Asset Management.

"We hesitate to characterize his communication as particularly dovish or hawkish ... The bottom line is that the Fed policy reaction is not a black-and-white, binary thing ... The market has adjusted to Warsh's communication style, but there might be a ways to go before they are fully on the same page." — Thomas Simons, chief U.S. economist, Jefferies.