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SEPTEMBER FOMC SUMMARY:• The economy has strengthened, supported by resilient spending, robust investment and a labor market near full employment
• Warsh said he is “hard-pressed” to describe financial conditions as restrictive, a view widely shared by the FOMC
• The Fed raised rates to remove “a dose of accommodation” and align financial conditions with its objectives
• Inflation remains “too high,” with summer data showing little meaningful improvement
• With the labor market stable, price stability is now the Fed’s predominant focus
• Warsh declined to signal another hike, saying he is “not in the forward-guidance business”
• He said policy will respond to broader trends, calling dependence on individual data releases “dangerous”
• Stronger growth, persistent inflation and geopolitical risks drove the unanimous decision
• Warsh rejected claims that markets led the hike, stressing it was the Fed’s independent decision
• He said the Fed does not need to weaken the labor market to bring inflation down
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