Fed Chair Kevin Warsh’s September 16 FOMC press conference follows the central bank’s first 25-basis-point rate hike since 2023, lifting the federal funds target to 3.75–4.00 percent amid core PCE inflation stuck above the 2 percent goal for over five years and recent readings showing limited improvement. Hotter August inflation prints, oil prices exceeding $100 amid geopolitical strains, and a resilient labor market at full employment have reinforced trader focus on whether Warsh signals additional tightening or conditions policy on incoming data. His prior Jackson Hole remarks stressed that policymakers “have work to do” if price pressures fail to moderate clearly and at sufficient speed, while downplaying forward guidance. Market-implied odds for further hikes have risen, with the introductory statement and Q&A expected to clarify the Fed’s reaction function and inflation trajectory.