The bond market has been pushing interest rates higher in recent weeks. Though the committee held its target rate unchanged at that meeting, Warsh sounded hawkish at the post-meeting press conference. They pushed up market interest rates, arguably in anticipation of Fed rate increases. When Warsh sounded hawkish in June, markets drove up rates in anticipation of Fed rate increases. If the Fed raises rates in September, Warsh will face a cranky president.