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

The June 17, 2026 SEP shows nine of eighteen participants projecting year end 2026 funds rate above the current 3.50 to 3.75 percent target range, and the median projection rose to 3.8 percent from 3.4 percent in March 2026, indicating the committee has already incorporated upside inflation risks into its baseline outlook. With the post meeting statement erasing the prior cutting bias and Kevin Warsh as Chair, the FOMC has shifted language toward data dependence rather than explicit risk tilt language, which historically appears only after clear acceleration in core measures such as the June 2026 core PCE print. Historical precedents show the phrase "tilted to the upside" has been used in fewer than 20 percent of statements when the SEP median already embeds higher rate projections.