Fed Chair Kevin Warsh’s September 16, 2026 FOMC press conference follows hotter-than-expected August inflation prints and oil prices above $100 per barrel, with the federal funds rate at 3.50–3.75 percent and underlying PCE measures above the 2 percent target for more than five years. Warsh’s late-August Jackson Hole remarks set the dominant framework, stressing that policymakers “have work to do” unless inflation moderates “clearly and at sufficient speed,” while reiterating a preference for minimal forward guidance and reliance on the overnight rate as the primary tool. Markets have priced in a 25-basis-point hike, reflecting resilient labor data, core CPI/PPI trends, and energy-driven price pressures that have lifted implied odds of further tightening. Traders will scrutinize Warsh’s introductory statement and Q&A for any signals on the reaction function, inflation persistence, and financial conditions without explicit rate-path commitments.