FOMC voted 12-0 to raise fed funds target 25bp to 3.75%-4%, first increase since 2023. Three members had favored hike at July meeting.
Chair Warsh: inflation “too high for too long.” SEP median: fed funds 4.1% at end-2026. 16 of 18 participants expected another hike possible this year.
GDP median 2.3% 2026, 2.4% 2027. PCE inflation 3.7% 2026 falling to 2.3% 2027. Unemployment ~4.1%.