The new Fed chair, Kevin Warsh, is drawing fire for talking tough on inflation while doing nothing about it — bad news for Americans watching prices keep climbing.

• The Fed left interest rates unchanged, keeping the rate at 3.75%.
• Inflation has run above the Fed's 2% target for five years straight, yet no action was taken.
• Warsh told reporters and the public they are being "impatient," saying his team has only been on the job for about eight weeks.
• He would not say which inflation measure he's targeting, hinting at a broader "secret" formula he won't reveal.
• The Fed is still printing money and gave itself room to print more if needed.

Outlook: No rate changes or clear guidance are coming soon, so high inflation looks set to stick around while the Fed "studies" the problem.