Fed chair Kevin Warsh said financial markets have already priced most of the Fed's tightening since the June meeting and rejected describing today's decision to hold rates as a 'pause'. U.S. 2‑yr and 10‑yr Treasury yields have risen about 20bps since mid‑June. Warsh said markets have been repricing on inflation prints and resilient growth, lifting both nominal and real yields, and that leaving the policy rate unchanged today is 'the beginning, not the end' of the policy story.