Federal Reserve: SCP now pushes the 2% inflation return to 2029

The Federal Reserve announced a unanimous interest-rate increase and reiterated its commitment to price stability while forecasting that the committee's median path reaches the 2% inflation objective in 2029. The press-conference highlights: the Fed's official statement says inflation "remains elevated" and that the Fed will continue printing money 'if appropriate' (the speaker notes the Fed has been "printing money since December of last year"). The updated SCP (Summary of Economic Projections) now shows "two interest rate increases in 2026" vs the June projection of one — there are two meetings left this year (October and December) and the SCP median delays the 2% target to 2029.

On communication and decision-making, the official repeatedly declined to give forward guidance: 'not in the forward guidance business', preferring to act on observed trends rather than single data points — 'Data point dependence is a dangerous preoccupation'. When pressed why markets have pushed long-term yields higher, he gave three reasons: economic strength, AI build-outs/competition for capital (the "hyperscalers" and a surge in capital expenditures), and geopolitics. He argued higher yields reflect an improved growth outlook and greater competition for funding, and that markets must be interrogated rather than simply taken at face value.

Distributional framing: the Fed emphasized that 'the least well off' stand to gain most from stable prices because they lack financial assets; delivering stable prices is central to the mandate. The press-conference tone: cautious, data-trend focused, and noncommittal about future moves while the SCP explicitly pushes out the timing for hitting 2% to 2029.

[Inferred from repeated references to SCP tables] The video-maker also notes he lost a $1,000 wager on whether the Fed would avoid raising rates today.