In his Jackson Hole keynote on August 28 2026, his hundredth day as chair, Kevin Warsh said inflation remains too high and signalled the Committee may have to raise rates in the coming months to bring it down. He named PCE as the gauge he will act on, took ownership of the inflation record outright, and said the summer CPI and PCE readings, though better than expected, do not tell him that underlying trends have meaningfully improved. He also defended his practice of giving markets only limited guidance about Committee thinking.