Chair Kevin Warsh reinforced that message, insisting there was no tolerance for a softer inflation target and warning that the Fed would not hesitate to act. Productivity growth and capital investment were described as strong, while inflation remained elevated, partly because of supply shocks in sectors including energy. After five years of elevated inflation, Warsh acknowledged that the public may have come to believe the Fed was comfortable with inflation above 2%, but rejected that notion outright: there is only one target, and the Fed intends to deliver it. Warsh said the Committee was steering clear of forecasting and would instead focus on inflation trends, the extent to which supply shocks were spreading and the information coming from financial markets. The Fed did not raise rates, but the three dissents, its emphasis on persistent inflation, and Warsh’s readiness to act left the door clearly open to tightening.