Kevin Warsh: If inflation rises, a rate hike can't be ruled out! Open to a September rate hike, provided upcoming inflation data remains high or accelerates again. He's actively ending the Fed's years-long 'forward guidance': No longer pre-announcing the next steps to the market, but instead making decisions based on data at each meeting. On July 29, the Fed kept rates at 3.50%–3.75%, but 3 members directly voted in favor of a 25 basis point hike. The June dot plot also projected the median PCE inflation to hit 3.6% by 2026, with the year-end median policy rate at 3.8%. CME data shows the market is now pricing in: A possible rate hike once more during the remainder of 2026. Earlier this year, the market was trading on expectations of consecutive rate cuts. The next FOMC meeting will be held on September 15–16. What do you think—rate hike in September or staying put?