September FOMC grabs the table directly: the economy is strengthening and inflation is still hot. Warsh says financial conditions aren’t even tight—so just raise rates and pull the “last bit of accommodation” right out. A rate cut? They won’t even provide forward guidance, and they also criticize the idea of focusing on a single data point as dangerous. It’s basically making price stability the priority, and telling the market not to expect the Fed to step in.

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