From Fed Chair Warsh's speech today: "There is one signal nobody can miss: The responsibility for 65 months of sustained, elevated inflation sits squarely with the central bank. And that is where it belongs." "...as of now, I believe the labor markets are consistent with full employment...Inflation is running above our 2 percent target. So the Fed's predominant focus right now should be on prices." "Credit and loan markets are showing few signs of policy restraint. Certain sectors—like housing and agriculture—are showing strains. But, on balance, I would be hard pressed to describe broad financial conditions as restrictive." "short-term interest rates are the predominant tool to achieve the dual mandate. Unconventional policies to spur economic activity may suit genuine crises but should otherwise be used sparingly, if at all." So, if the Fed is responsible for bringing down inflation back to target, and the labor market is at full employment which favors focusing on inflation mandate, and financial conditions are not restrictive and interest rates are the primary tool to achieve the mandate, why is the next meeting not going to deliver an interest rate hike? I mean I know he doesn't want to give forward guidance but if we don't get the hike in September, then he's full of shit.