Warsh cites that 54% of PCE components showed above 3% inflation over 12 months and 49% over 6 months. [2]
Read the supporting quotation · CNBC · 2026-08-28
“
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%.
”
Warsh sets the standard that the Fed must be confident inflation is moving to target at sufficient speed. [3]
Read the supporting quotation · Reuters Business · 2026-08-28
“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.”
Warsh argues hardworking Americans, not financial markets, bear the biggest costs when the Fed misjudges inflation. [2]
Read the supporting quotation · Reuters Business · 2026-08-28
“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.”
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Warsh cites Fed's preferred inflation measure at 3.7% over twelve months, above four percent over six months. [1]
Read the supporting quotation · Reuters · 2026-08-28
“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.”
Warsh reports PCE inflation at 3.7% over twelve months, above 4% over six months. [2]
Read the supporting quotation · Reuters Business · 2026-08-28
“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.”
Selected points from existing editorial summaries and source excerpts. This covers the material on this page.
1
Warsh states the reaffirmed statement is identical to the version adopted in August 2020 following the strategy review. [1]
Read the supporting quotation · FOMC press conferences (video and transcript)
“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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Transcript excerptFinancial Times
“Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices.”
“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.”
“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.”
“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.”
“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.”
“
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%.
”
Warsh offered forward guidance after all, former Fed vice chair says · Jennifer Schonberger
Quoted in printYahoo Finance
“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.”
Warsh offered forward guidance after all, former Fed vice chair says · Jennifer Schonberger
Quoted in printAOL.com
“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.”
Warsh offered forward guidance after all, former Fed vice chair says · Jennifer Schonberger
Quoted in printCNBC
“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,”
Kevin Warsh has a plan for the Fed. Scott Bessent is getting in the way · Analysis by Matt Egan, CNN
Transcript excerptForbes Breaking News
“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.”
“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.”
Transcript excerptFOMC press conferences (video and transcript)
“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.”
Transcript excerptFOMC press conferences (video and transcript)
“The Federal Open Market Committee, at its annual organizational meeting this week, unanimously reaffirmed its "Statement of Longer-Run Goals and Monetary Policy Strategy."”
Transcript excerptFOMC press conferences (video and transcript)
“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”
Transcript excerptFOMC press conferences (video and transcript)
“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.”
Transcript excerptFOMC press conferences (video and transcript)
“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.”
Transcript excerptFOMC press conferences (video and transcript)
“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.”
Federal Reserve chair Kevin Warsh has signalled the central bank is prepared to raise rates if inflation does not fall soon, as he warned that persistently high price growth had become 'more concerning'. https://t.co/GRRUjAld9Q https://t.co/Ea9ugkkYKA
"This was an upbeat speech on the economy."💰
Federal Reserve Chair Kevin Warsh gave his first keynote address at the Jackson Hole economic symposium today.
Our Edward Lawrence (@EdwardLawrence) has the highlights HERE! https://t.co/ySxwlubKu2
Fed Chair Kevin Warsh says the central bank may need to raise rates if underlying inflation does not return to its 2% target, as financial conditions remain insufficiently restrictive https://t.co/p3RmFyyO8g https://t.co/oemokaCXav
Fed Chair Kevin Warsh says the central bank may need to raise rates if underlying inflation does not return to its 2% target, as financial conditions remain insufficiently restrictive https://t.co/DTj1INtXHM https://t.co/PlMfPc7pVA
