WASHINGTON - The Federal Reserve enters a new chapter under Kevin Warsh on Wednesday when the nominee selected by President Trump directs his opening policy discussion and conducts his first media briefing.

Significant shifts in policy are not anticipated right away from Warsh. Economists expect the central bank to maintain its benchmark rate near 3.6 percent for a fourth consecutive session. Officials may revise the accompanying statement to drop previous indications of future rate reductions. This adjustment could imply rates will stay level for some time or possibly increase should inflation remain high.

The afternoon news conference led by Warsh stands out as the main event. Investors on Wall Street along with economists and likely White House staff will monitor his performance closely. His background includes roles as an investment banker, a Fed governor from 2006 to 2011, and a scholar at the Hoover Institution.

Observers seek insights on several fronts including any hints about upcoming rate directions, strategies for handling inflation pressures tied to the Iran conflict and resulting fuel costs, plus potential shifts in how the Fed communicates with the public.

Warsh might reduce annual press conferences from eight to four, following the earlier model set by Ben Bernanke. He has expressed a preference for lowering the Fed's visibility and limiting economic commentary to avoid locking policymakers into positions based on prior public remarks.

However, scaling back communications could distance both markets and the public, groups now accustomed to detailed forward guidance from the institution.

The current economic setting differs markedly from conditions last year when Warsh sought the chair position. At that time he advocated lower rates in line with Trump's position and highlighted AI advancements as a factor that might expand output and ease price pressures over time.

Many analysts questioned that outlook even then. In the near term heavy spending on chips and computing gear appears to be adding to inflationary forces instead.

Since the Iran conflict started February 28, inflation has reached a three-year peak of 4.2 percent driven largely by higher gasoline costs. The Fed normally counters rising prices by lifting its benchmark rate to moderate demand.

Trump has outlined an early peace deal that may conclude the three-month conflict though stability remains uncertain. Even with restored oil supplies from the region months could pass before gas groceries and travel expenses moderate. The Fed's preferred inflation gauge has now exceeded its 2 percent goal for over five years.

Hiring has also strengthened recently which removes one argument for rate cuts. January projections from the Fed included two reductions this year partly because job losses raised concerns about rising unemployment. The bank usually lowers rates to encourage expansion and employment.

A recent government report revealed a May jobs gain of 172000 marking the third straight month of healthy increases.

Trump has pressed the Fed for rate reductions since returning to office. More recently amid climbing inflation he has called for Kevin to act independently while also stating the bank should avoid rate hikes.

Trump frequently criticized former chair Jerome Powell for insufficient cuts. In January the Justice Department opened an unusual probe into Powell linked to renovation testimony from last July. A judge dismissed related subpoenas and the inquiry ended.

The effort had limited success as Powell remained on the board after his chair term concluded May 15 and can continue as governor through January 2028. His presence blocks an extra appointment opportunity for the administration. Powell is expected to participate in Wednesday's rate vote.