There is a consistent market move on the release of Warsh's first FOMC statement. The notable thing is that the dovish bias that was in the prior statement (and had 3 dissents) is no longer there. You can argue about the content of the new statement -- which is completely rewritten -- but there's no implicit or explicit hint at rate cuts. That's in-line with what Warsh promised about not offering forward guidance.However the statement also came with a new dot plot that saw a slim majority now seeing a rate cut this year, along with a higher path one-year and two-years out.In response:S&P 500 down 36 points to 7476Gold down $44 ( was up $30 before the FOMC)US 2-year yields up 8.6 bps to 4.13%EUR/USD down 60 pips to 1.1545, with USD broadly strongerNew Fed Chairman Kevin Warsh will hold his first press conference at the bottom of the hour. Watch it live here: This article was written by Adam Button at investinglive.com.