Will any FOMC statement after June 17 explicitly describe inflation risks as tilted to the upside?

As of mid July 2026, the Fed has just shifted from a cutting bias to a hold at the June 17 meeting, with the dot plot showing nine of eighteen participants projecting year end rates above the current 3.50 to 3.75 range (up from a 3.4 percent median in March). This upward revision in rate expectations and the removal of cutting bias strongly suggest inflation concerns have risen relative to prior months. Historical precedent shows that when the FOMC shifts from easing to holding or hiking, inflation risk language typically follows within 1 to 3 meetings as data accumulates. The question asks whether any statement after June 17 will explicitly describe inflation risks as tilted to the upside, which is a lower bar than declaring inflation a primary concern. Given the dot plot shift and the policy pivot already locked in, there is a high probability that by the next 2 to 3 meetings (likely by end 2026), the Committee will explicitly acknowledge upside inflation risks in its statement language to justify holding or eventual hikes.