Here are the five big takeaways from Kevin Warsh's first meeting as Fed chairman

The Federal Reserve and Chairman Kevin Warsh on Wednesday followed the script on interest rates closely, voting to keep the benchmark level steady , but dropped several surprises that kept markets guessing about where things are heading. Markets didn't like it, with major averages swooning after the meeting and as Warsh spoke in his news conference.

"Today we believe that the Federal Reserve's FOMC ushered in a new era of monetary policy in the United States." — Rick Rieder, head of fixed income at BlackRock .

"New Fed Chair Warsh sounded a bit like old hawkish Fed governor Warsh at his press conference today repeating multiple times the need for the Fed to deliver on its mandate for price stability," — Krishna Guha, head of central bank strategy and economics at Evercore ISI.

"The [task force] announcements signal an institution in active review rather than steady state, and investors should expect the operating framework of the Fed to look meaningfully different over Warsh's tenure than it did under his predecessor." — Jason Pride, chief of investment strategy at Glenmede .

"Warsh wants his first impression to be as 'the reformer.' We'll see what that means later this year. In terms of the policy outlook, Fed watching just got harder." — Dario Perkins, managing director of global macro at TS Lombard .