Will Warsh explicitly say in a press conference that a rate cut is not the Committee's base case?

The current 3.50 to 3.75 percent target range and the June 2026 SEP median projection of 3.8 percent for year end 2026 both place the Committee in a holding pattern after the June 17 meeting removed the prior cutting bias, with nine of eighteen SEP participants already projecting a higher year end rate. Historical precedent shows Fed Chairs rarely declare a policy path as the explicit base case during press conferences when the SEP already signals a majority view above the current range. Warsh's preference for data dependent language and the absence of any post meeting statement since June 17 both reduce the likelihood of a categorical denial of a rate cut.