Fed Chair Kevin Warsh lays out the state of the economy as the Fed raises rates by a quarter point: growth remains solid, spending is resilient, productivity is strong and capital investment is robust. But Warsh warns uncertainty remains elevated, "owing in part to geopolitical developments," even as job gains keep pace with the workforce and unemployment changes little. The sticking point is inflation, which Warsh says "remains elevated." "Today's policy action will support a timely return to the committee's 2% goal." ▻