Federal Reserve Chairman Kevin Warsh did not submit a rate projection, complicating the central bank's latest outlook that showed nine of 18 officials expect the federal funds rate to end 2026 above its current range of 3.5% to 3.75%. The median projection now calls for the rate to end 2026 at 3.8%, up from 3.4% in March and a quarter point above the current target range, after the Fed left rates unchanged at its first meeting under Warsh. Warsh said he refrained from offering a forecast because it is not helpful in conducting policy, and he signaled plans to overhaul communications, including a year-end review of the dot plot and press conferences.