Sept FOMC Preview: More Inflation Coming; the Fed Rarely Stops After One Move
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Economic Data & Analysis

Sept FOMC Preview: More Inflation Coming; the Fed Rarely Stops After One Move

15 September 2026 / Brief

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Trusted Insights for What’s Ahead®

  • The Federal Reserve is widely expected to raise policy rates at the September 15–16 Federal Open Market Committee (FOMC) meeting.

Trusted Insights for What’s Ahead®

  • The Federal Reserve is widely expected to raise policy rates at the September 15–16 Federal Open Market Committee (FOMC) meeting.

  • The Federal Reserve now appears likely to respond to renewed inflation pressures with a series of interest rate hikes. This forecast reflects an accumulation of inflationary developments rather than a single data release.
  • We now anticipate three consecutive rate hikes in September, October, and December, because the Fed rarely does “one and done.”
  • The latest hotter-than-expected August CPI report was likely the straw that broke the camel’s back, as a series of events suggested a hike would be necessary.
  • Renewed energy and supply-chain pressures over the summer lifted inflation even as the labor market remains stable.
  • Fed Chair Kevin Warsh’s Jackson Hole speech in August laid the groundwork for higher policy rates.
  • Renewed tensions in the Middle East and resulting energy price increases are

Author

Yelena Shulyatyeva

Yelena Shulyatyeva, CFA

Senior US Economist

Read BioYelena Shulyatyeva

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