1A 2A 3A — With the job market remaining weak and core CPI showing signs of easing, I expect the Fed to hold in September. The Fed is forward-looking, and I think it will see little need to hike at the risk of weakening growth, particularly with medium-term inflation expectations remaining well anchored. That said, Warsh will be extra mindful of the Fed’s post-pandemic experience under Powell, when policymakers fell behind the inflation curve.