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- Financial Times · 28 Aug 2026 Warsh sets standard that underlying inflation must move clearly and at sufficient speed to objective.
Themes 0 themes
last 90 days
pipeline.cli themes after extract.
Then and now 13 pairs
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consistent inflation · 0 days apartThen said
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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consistent inflation · 0 days apartThen said
“Responsibility for sixty five months of sustained elevated inflation sits squarely with the central bank, and that's where it belongs.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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consistent inflation · 0 days apartThen said
“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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consistent rate path · 0 days apartThen said
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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consistent rate path · 0 days apartThen said
“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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consistent rate path · 0 days apartThen said
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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consistent rate path · 0 days apartThen said
“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
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consistent rate path · 0 days apartThen said
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
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consistent forward guidance · 0 days apartThen said
“I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.”
Now said“I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.”
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consistent rate path · 0 days apartThen said
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Now said“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
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consistent pce · 0 days apartThen said
“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
Now said“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
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consistent policy error · 0 days apartThen said
“I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.”
Now said“I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.”
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consistent data · 0 days apartThen said
“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
Now said“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
Minutes 26 quotes
everything on record, newest first
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Warsh says inflation is above 2% target and Fed's predominant focus should be on prices.
inflationpolicy priorityReceipt
“Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices.”
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Warsh sets standard that underlying inflation must move clearly and at sufficient speed to objective.
inflationpolicy standardReceipt
“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.”
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Warsh sets standard requiring confidence that underlying inflation is moving to objective at sufficient speed.
inflationpolicy standardReceipt
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
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Warsh accepts full Federal Reserve responsibility for 65 months of sustained elevated inflation.
accountabilityfed independenceReceipt
“Responsibility for sixty five months of sustained elevated inflation sits squarely with the central bank, and that's where it belongs.”
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Warsh sets standard requiring clear evidence of inflation moving to target at sufficient speed.
inflationpolicy standardReceipt
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
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Warsh notes profit margins are quite elevated relative to history with low equity volatility.
financial conditionsinflationReceipt
“he says profit margins are quite elevated related to history and overall equity market, the volatility is low.”
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Warsh observes profit margins are elevated relative to history and equity volatility is low.
economymarketsReceipt
“profit margins are quite elevated related to history and overall equity market, the volatility is low.”
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Warsh defines economic strength as how well an economy withstands stress and shocks.
economyresilienceReceipt
“One indicator of strength is how well an economy holds up under stress, how well it holds up under shocks.”
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Warsh argues hardworking Americans, not financial markets, bear the biggest costs when the Fed misjudges inflation.
distributional effectsfed independenceReceipt
“Not the financial high flyers. Hardworking Americans are the ones left to deal with inflation that's too high or jobs that suddenly appear less secure.”
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Warsh says 2021 forward guidance may have delayed the Fed's response to high inflation.
forward guidanceinflationReceipt
“I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.”
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Warsh reports PCE inflation at 3.7% over twelve months, above 4% over six months.
datainflationReceipt
“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
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Warsh sets the standard that the Fed must be confident inflation is moving to target at sufficient speed.
inflationpolicy stanceReceipt
“So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
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Warsh argues hardworking Americans, not financial market participants, bear the worst costs of Fed policy errors.
inequalityinflationReceipt
“If the Fed gets inflation wrong and judges the economy wrong, who gets the worst of it? Not the financial high flyers.”
Also said on Reuters, 28 Aug 2026·Reuters Business, 28 Aug 2026
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Warsh says Fed forward guidance in 2021 likely slowed the policy response to high inflation.
forward guidanceinflationReceipt
“I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.”
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Warsh cites Fed's preferred inflation measure at 3.7% over twelve months, above four percent over six months.
datainflationReceipt
“The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.”
Also said on Reuters Business, 28 Aug 2026
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Warsh states all inflation measures show inflation running above the Fed's 2% target.
assessmentinflationReceipt
“None of these measures are perfect, but they all tell a similar story. Inflation is running above our 2% target.”
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Warsh says Fed must be confident underlying inflation is moving to target at sufficient speed or continue policy work.
inflationpolicy stanceReceipt
“We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.”
Also said on Reuters Business, 28 Aug 2026
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Warsh says the Fed spent two weeks evaluating monetary policy strategy, tools, and data sources.
fed independenceprocessReceipt
“We have spent an inordinate amount of time in the last two d two days, two weeks looking at our monetary policy strategy, evaluating our tools, thinking hard about the sources of data that we have at our disposal and we wish we had.”
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Warsh says Fed is in performance business, pointing to treasury curve and dollar as evidence.
fed independencerate pathReceipt
“And so so if I look at the treasury curve, if I look at the dollar, if I look at a lot of things that are internals inside of financial markets,”
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Warsh sets timeline expectations, saying Fed cannot deliver in days or weeks but will fulfill congressional mandate.
inflationrate pathReceipt
“We've got no magic wand. This isn't something that we're gonna be able to carry out in days or weeks, but we're gonna deliver on the responsibility that congress gave us.”
6 more the default view shows 20
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FOMC unanimously approved updates to its Statement on Longer-Run Goals and Monetary Policy Strategy.
fed independencepolicy framework“The Federal Open Market Committee (FOMC) on Friday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy , which articulates the Committee's approach to monetary policy and serves as the foundation for its policy actions.”
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Warsh notes the FOMC unanimously reaffirmed its Statement on Longer-Run Goals and Monetary Policy Strategy at its organizational meeting.
fed policyfomc“The Federal Open Market Committee, at its annual organizational meeting this week, unanimously reaffirmed its "Statement of Longer-Run Goals and Monetary Policy Strategy."”
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Warsh states the reaffirmed statement is identical to the version adopted in August 2020 following the strategy review.
august 2020fed policy“The reaffirmed statement is identical to the statement adopted in August 2020 following the Committee's review of its monetary policy strategy, tools, and communication practices”
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Warsh announces the updated consensus statement emphasizes promoting maximum employment and stable prices across broad economic conditions for all Americans.
fed independenceinflation“The updated statement, also commonly known as the consensus statement, emphasizes that the FOMC's monetary policy strategy is designed to promote the congressionally-assigned goals of maximum employment and stable prices across a broad range of economic conditions for the benefit and well-being of all Americans.”
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Warsh notes the framework was first adopted in 2012 with reviews in 2019-20 and 2025.
frameworkpolicy strategy“The Committee first adopted a framework statement in 2012. The first public review of its framework took place in 2019-20, and the 2025 review was announced in November 2024.”
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Warsh says the updates reflect five years of economic lessons to enhance policy effectiveness and accountability.
fed independencemonetary policy“Today's updates reflect lessons from the economy over the past five years, and are intended to enhance the transparency, accountability, and effectiveness of monetary policy.”
Reported 8 quotes
in print, highest ranked first
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reported
Warsh cites that 54% of PCE components showed above 3% inflation over 12 months and 49% over 6 months.
“ And he went further. Warsh gave examples of how he uses multiple measures of inflation to reach the conclusion that elevated prices are a concern. He referred to the underlying components of PCE inflation, saying 54% of components of PCE had been above 3% annualized inflation in the past 12 months, while 49% were above 3% in the past six months. Warsh described those figures as being lower than the recent pandemic inflation but still above the long-term trend — an indication he believes the Fed may need to raise rates. Warsh also referred to another gauge of inflation, the consumer price index , which is running at 3.4%. ”
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reported
Warsh predicts the Fed will raise rates by a quarter point in September and then pause.
“My guess is they'll be raising rates in September, just a quarter of a point, and [then] they'll wait,”
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reported
Warsh predicts the Fed will raise rates by 25 basis points in September and then pause.
“My guess is they'll be raising rates in September, just a quarter of a point, and [then] they'll wait,”
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reported
Warsh's speech signaled that Fed practices over the past forty years have lacked rigor.
“I found this speech in particular to be a very strong kind of message, both a message to the market but also just a kind of message in general that the way the Fed has done business for maybe the last 40 years in some ways has not been as rigorous as it could be,”
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reported
Warsh says recent inflation readings do not show meaningful improvement in underlying trends.
“While this summer's PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved.”
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reported
The Fed chair communicates too little while the Treasury secretary communicates too much.
“You have a Fed chair who doesn't say enough and a US Treasury secretary who says too much,”
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reported
Warsh wants to provide less market guidance than former Fed Chair Jay Powell.
“There's a classic mismatch between the concreteness, I'll call it, that the markets are constantly craving. I think it's the case that Kevin Warsh wants to be a little less open than, say, [former Fed Chair] Jay Powell.”
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reported
Warsh intends to provide less specific forward guidance than his predecessor Jay Powell did.
“There's a classic mismatch between the concreteness, I'll call it, that the markets are constantly craving. I think it's the case that Kevin Warsh wants to be a little less open than, say, [former Fed Chair] Jay Powell.”