Two inflation reports due over the next month are poised to play a central role in whether Federal Reserve officials decide to raise interest rates in September or continue their current pause. Kevin Warsh described a central bank that would not base rate decisions on each new monthly release, but the immediate policy outlook still appears tied to incoming inflation data. The contrast underscores how short-term economic readings can continue to drive monetary policy even when policymakers signal a preference for a broader, less reactive framework.