The Federal Reserve kept interest rates unchanged Wednesday but signaled they may support an increase in rates later in 2026, if needed to combat persistent inflation.

The stance is a notable change from the Fed’s last quarterly meeting, where none of the bank’s policymakers signaled the need for rate increases. Now, at the halfway point of the year, nine members may call for a rate hike sometime in 2026 and six members suggest two or more may be needed.

The meeting was the first for Kevin Warsh, the newly appointed chair of the agency.

“We recognize that inflation has been running well ahead of the Fed’s long-stated inflation goal of 2%. That’s been going on for more than five years,” Warsh said at Wednesday’s press conference. “Persistently high prices are a burden for the American people. But the recent past need not be prologue. I am pleased to report that members of the FOMC are unambiguous and unanimous. This committee will deliver price stability.”