Chairman Warsh's press conference, July 29, 2026 (transcript)

… As before, the policy statement conveys just the facts. It’s steering clear of forecasting, a choice we consider especially prudent at these uncertain times. Uncertainty, however, does not mean a lack of clarity. For some households, businesses, and market professionals, five years of high inflation have left a mistaken impression that’s hard to shake—that the Fed’s implicit inflation target was somehow above 2 percent. Let me reiterate: There is no soft inflation target; there is no soft implicit target—not on this Committee’s watch. There’s only a target, and it’s 2 percent. Not one of my FOMC colleagues is under any illusion. We’ve begun a new chapter, and we understand that the five-plus years of inflation above target cannot be cured in nine weeks—or by a single month of modest price decreases. This Fed will not waver. Our credibility rests on performing our duties and delivering on our responsibilities. Americans are right to expect that because our nation’s prosperity depends …