In this paper, we discuss:

  • Why the Fed is highly likely to hike rates by 25bps in September;
  • How persistent inflation, strong jobs data and higher energy prices support tightening;
  • Why Warsh faces growing pressure from both markets and the FOMC;
  • Why the Fed is unlikely to provide clear guidance on further hikes;
  • Why another rate hike in December remains our baseline scenario.

Download PDF: Fed Preview – September 2026

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