🚨 KEVIN WARSH JUST MADE IT CLEAR: THE FIGHT INFLATION IS NOT OVER.
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Key points the FOMC press conference:

Fed held rates in a 9–3 vote after a heated internal debate.

• Warsh said inflation is still too high and the 2% target is non-negotiable.

• The Fed is pulling back from forward let markets directly to incoming data.

• Treasury yields have already tightened financial conditions, even another rate hike.

• One soft CPI report will not change policy.

• The economy and labor market remain solid, while AI investment is driving a major surge spending.

• A hold does not mean the Fed has paused. Warsh called it “watchful thinking.”

• If inflation rises while employment stays strong, the Fed will be more inclined to tighten again.
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