The Kevin Warsh era kicked off with a bang: The new Fed chairman signaled a likely overhaul in the way the central bank has conducted monetary policy for much of the past two decades.

Why it matters: It will happen against an economic backdrop that looks even more uncertain.

• New projections this afternoon showed that at least nine of 19 top Fed officials see higher rates on the horizon to combat steeper inflation, a drastic pivot from earlier this year when rate cuts looked more likely.

Between the lines: Warsh — who declined to submit a projection of his own — would not describe the conditions that would cause the Fed to raise interest rates.

• That is in step with the new Fed era: no signal from Warsh about what is to come on rates, a sharp deviation from his immediate predecessors.
• The central bank also drastically shortened its closely watched policy statement — to just 130 words compared with April's 341 — and omitted earlier language about future moves in rates.

🗣️ "The statement just gives you the facts as best we can judge it," Warsh told reporters at a press conference.

• He added that so-called forward guidance "was not well-suited to the current policy conjuncture."

What we're watching: Warsh said he was establishing task forces to assess five key areas for Fed policy — everything from communications, the inflation framework, data gathering and more.

• The groups will start work in the weeks ahead, he said, with hopes of concluding by (or before) year-end — ultimately proposing "next steps for policymaker consideration."

📈📉 The impact: Financial markets had a mixed reception to the new Warsh era that offered much less certainty about the path ahead for rates.

• The S&P 500 sank in the immediate aftermath of the statement release, but recovered ground during the press conference, only to resume falling afterward.
• The yield on the two-year Treasury note — most sensitive to Fed policy changes — soared, reflecting expectations for higher rates.

Decades of federal oversight rooted in the Teamsters' mob-linked past could soon be coming to a close.

• The Teamsters and President Trump's federal prosecutors filed a joint motion to end a monitorship arrangement — a remnant of a 1989 consent decree designed to eliminate organized crime's influence in the union.
• Judge Loretta Preska — who has overseen the monitorship since 2002 — will need to officially sign off.

Flashback: U.S. prosecutors — led by Rudy Giuliani, years before he became mayor of New York City and decades before he became a Trump ally — filed a civil racketeering case against the Teamsters in 1988, alleging pervasive corruption.

• Authorities accused the union of having been infiltrated by members of the La Cosa Nostra mob family.

Catch up quick: The resulting consent decree subjected the Teamsters to federal oversight and required it to allow members to directly elect officers.

• Federal prosecutors agreed in 2015 to end active oversight of the union but kept an independent monitor in place indefinitely.

What's next: Once the judge signs off, the independent monitor position will be eliminated in three years, unless the monitor convinces the court that she's still needed.

📲 Apple CEO Tim Cook said the company will raise prices due to the soaring costs of memory and storage chips, which he called "unsustainable." (WSJ)

🚙 BMW warned of a "significant" falloff in pre-tax profit as it grapples with slumping sales in China and the fallout from the war in Iran. (Euronews)

The car vending machine is getting something new.

State of play: Carvana — known for its glass towers of used vehicles — is now operating its first new-car dealerships.

• The company has quietly acquired seven Stellantis dealerships nationwide, selling the automaker's new vehicles, including Ram, Jeep, Dodge and Chrysler models.
• And those vehicles are available online nationally through Carvana's website.

Zoom in: Carvana is testing a "brand new experience" with its first Stellantis dealership in Dallas, where customers will peruse options through self-directed digital tools.

• The company is calling it a "playground" where customers can click a button on their phones to dial up a test drive.

💭 Nathan's thought bubble: Carvana's venture into new vehicles is likely to upset politically powerful dealers operating on a conventional model rooted in local sales.