1402 ET - As he did in June, Fed Chairman Kevin Warsh refrained from submitting a dot to the Fed's forward-looking September dot plot. But the other 18 dots for 2026 tell a hawkish tale. All but two of those officials think that today's rate increase won't be the last. Twelve officials see one more hike by the end of the year, and four officials see two more. So for the vast majority of Fed officials, the going assumption is that today's rate hike isn't a one-and-done affair.
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