Transcript of Chairman Warsh's Press Conference, September 16, 2026

… ensure that credit and financial conditions are consistent over time with our mandate, that relative price changes in some sectors of the economy do not broaden, that inflation compensation in market prices stays low, and that inflation expectations remain well-anchored. This afternoon you also received the Summary of Economic Projections. It reflects the views of my colleagues on the Committee, but—as in June—I have not offered a projection of my own. But like in June, I said I would faithfully discharge the summary of their projections, so here goes. In the Summary’s median projections, real GDP rises at 2.3 percent this year and 2.4 percent next year. Total PCE inflation runs at 3.7 percent this year and falls to 2.3 percent next year. The unemployment rate holds steady at about 4.1 percent. The median participant judges that the appropriate federal funds rate to be 4.1 percent at the end of this year, and to …