Warsh describes an economy that looks to be strengthening

Fed's Warsh said the economy looks to be strengthening, inflation remains too high, and the FOMC has not met the confidence bar on underlying inflation.

Fed Macro Rates Inflation

16/09/2026 18:514 min read

This decision lands while the economy looks to be firming.
Describing broad financial conditions as restrictive would be difficult for me.
A lot of people shared that assessment.
The economy has proven resilient.
The mood I picked up at the FOMC over the past two days was optimistic.
The employment side of the Fed's mandate is 'in good shape'.
The chief focus remains price stability.
Inflation, plainly, is still too high.
The data from the summer does not show me an improved inflation picture.
Too many categories are still showing increases above 3% on a six-month and twelve-month basis.
Commodity prices have climbed, and they warrant watching.
Confidence that underlying inflation is moving toward target is required, and the FOMC judged that the standard has not been met.
He said he did not provide a dot plot or forecasts.
Inflation dangers lean to the upside, while risks to employment are roughly balanced.
Price pressures confront most advanced economies.

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