June 17, 2026
Statement·Presser·Minutes·Policy
Kevin Warsh
June 17, 2026 FOMC Press Conference
- The chairman announced the appointment of five task forces covering Fed communications, the balance sheet, data sources, productivity and jobs, and inflation frameworks, with work expected to begin in the coming weeks and most concluding by year-end.
- The chairman said he refrained from submitting his own projections in the Summary of Economic Projections, consistent with his long-held views on the SEP as currently structured.
- The chairman stated that the 2 percent inflation objective is outside the scope of the inflation framework task force, saying he sees no reason to revisit it until the Fed has reestablished its ability to deliver on it.
- The chairman said he views the current restrictiveness of monetary policy as "uneven," citing housing markets as appearing somewhat restrictive but financial markets as not consistent with that characterization.
- The chairman said he did not submit a dot in the SEP, describing the dot plot as "not helpful in the conduct of policy," and noted that colleagues' projections were submitted with "pencils with big erasers," reflecting low conviction.
From the opening statement
Press conference
CHAIRMAN WARSH. Good day. It’s an honor, a true honor, to be back at the Federal Reserve and to take up this duty at a time of such consequence. I’ve been especially heartened by the warm welcome of old friends and new colleagues, both, and I’ve listened closely to my fellow FOMC members. I’ve heard a lot of new ideas, new thinking, and genuine interest in moving the Fed forward.
This week’s FOMC meeting exemplified the very best of the Fed’s traditions: rigorous debate, open-mindedness, commitment to mission, responsibility, and accountability for performance. In this business, they all add up to one thing: getting monetary policy right—or as near to it as we can do. That is our North Star.
My colleagues and I are here to serve our legislative remit, which you’ve heard us say before—price stability and maximum employment—and these objectives guided our business in the meeting just concluded. As you saw a few moments ago, the Committee decided to maintain the target range for the fed funds rate at 3½ to 3¾ percent, in support of the Fed’s dual mandate. The Committee also reaffirmed its policy of maintaining ample reserves in the banking system.