Chris Low in The Bond Buyer

FHN Financial Chief Economist Chris Low agreed, saying recent inflation data "paint a picture of stubborn underlying inflationary pressure," and Warsh's comments suggest "the chairman will guide a willing FOMC to hike rates by a quarter point" at this meeting.

Looking at the dot plot in the last Summary of Economic Projections, Low said, indicates "about half of the FOMC already believed one rate hike would not be sufficient. Given inflation's persistence and the recent direction of fuel prices - which have a way of getting into almost everything - we expect the dot plot will show a strengthened resolve to continue raising rates next year as well."

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