During his second Fed Day as Chairman of the U.S. central bank, Kevin Warsh hemmed and hawed over whether the Personal Consumption Expenditure price index would continue to serve that role. Within hours of Warsh's post-meeting press conference, J.P. Morgan abruptly shifted its forecast for the Fed's interest-rate outlook to a hawkish one. Economist Michael Feroli said the Fed would raise interest rates by 25 basis points in December instead of the second half of 2027. Fed's mandate balances interest rates, jobs and pricesThe Fed's congressional dual mandate requires full employment and price stability. Warsh has repeatedly vowed the Fed would bring inflation down to its 2% target -- a measure it has missed for the last 63 months.