Bloomberg Surveillance · Wednesday, September 16, 2026
Fed Chair Kevin Warsh highlighted the importance of monitoring the number of inflation categories trading above 3% as a key metric. He indicated that while the Fed cannot control external factors like oil prices, they can influence second-order effects by looking at the broadening of inflation metrics.
“The number of inflation categories that are trading above or printing above 3%. He referenced that once again. That's going to be a key metric for this market every time we get the inflation report. How many inflation categories are still rising more than 3%?”
“Especially as it pertains to geopolitics. He talked about geopolitics. They can't control oil prices. they can control second-order effects. Where does that come through? In the broadening out of inflation metrics.”
“He also said, I'm not waiting breathlessly on any particular data point. What he is doing is looking at the trend lines, and that broadening out is a key one.”