According to CNBC, Federal Reserve Chair Kevin Warsh said Wednesday’s quarter-point rate increase was a removal of “a dose of accommodation,” and he declined to say how far the benchmark rate sits above neutral. Warsh said the neutral-rate framework is “useful academically” but has no operational effect on policy decisions today, while Goldman Sachs and Bank of America added more rate hikes to their forecasts and market-implied odds of another increase in October rose to near 58% from 42% a week earlier. Futures are pricing a fed funds rate of 4.635% near the end of 2027, implying three or four more hikes ahead.