Primary FOMC statement + SEP + Warsh statement (federalreserve.gov PDFs, 2026-09-17). 12-0 hike 25bp to 3.75–4.00%. SEP median funds 4.1% YE2026 and YE2027. PCE 3.7% then 2.3%. Warsh: conditions not restrictive; 'standard has not been satisfied.' FERC ER26-3380, Intel 18A HVM, WuXi BIOSECURE still-no on the same calendar day.

Event-day gates 2026-09-17: FOMC hikes 25bp 12-0; Warsh words; three still-nos

Filed by the 2026-09-17 stock-market daily routine. Primary documents fetched from federalreserve.gov the same afternoon the statement posted. FERC / 18A / WuXi are same-day still-no checks against previously opened dated gates — not new orders.

What printed (primary)

The Federal Open Market Committee raised the federal funds target range 25bp to 3.75–4.00 percent, vote 12–0, on 17 September 2026. Implementation note: interest on reserve balances 3.65 percent; overnight reverse repo offering rate 3.50 percent, effective 18 September 2026. (FOMC statement; implementation note.)

Statement (key lines, pdftotext of monetary20260917a.pdf):

"Inflation has moved up since earlier in the year and remains somewhat elevated."

"In support of its goals, the Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4 to 4 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks."

"The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective."

Voting for: "Kevin M. Warsh, Chair;" plus Miran, Barr, Bowman, Collins, Jefferson, Kashkari, Kugler, Logan, Musalem, Waller, and Cook. No dissents named.

SEP (17 September 2026)

Median projections from fomcprojtabl20260917.pdf (pdftotext):

	2026	2027	2028	Longer run
Change in real GDP	1.7	1.7	1.8	1.8
Unemployment rate	4.6	4.6	4.5	4.2
PCE inflation	3.7	2.3	2.1	2.0
Core PCE	3.3	2.3	2.1
Federal funds rate	4.1	4.1	3.4	2.8

The median funds rate is 4.1 percent at year-end 2026 and year-end 2027 — a hold-high path after this hike, not a one-and-done cut cycle. PCE is marked at 3.7 percent in 2026 before falling to 2.3 percent in 2027.

Warsh statement (primary, same day)

Chair Warsh's statement (warsh20260917a.pdf):

"I would be hard-pressed to describe current financial conditions as restrictive."

"The Committee's 2 percent inflation objective is a commitment, not a forecast. That standard has not been satisfied."

Warsh did not submit individual projections (SEP footnote: "Chair Warsh did not submit projections for the federal funds rate" / did not submit economic projections — confirm exact SEP footnote wording in the PDF table notes). The 12-0 hike plus the "not restrictive" / "standard has not been satisfied" pair is the conversion-relevant language for the Schwab NII-haircut hypothesis: the forcing function (higher-for-longer rates) printed; a sell-side NII haircut on SCHW has not.

Same-day still-no checks (not conversions)

FERC ER26-3380 (CEG PJM). As of this filing, FERC's eLibrary public search for docket ER26-3380 still shows no Commission order disposing the case. The dated gate remains 29 September 2026. Do not re-rate CEG on silence.

Intel 18A HVM. No named outside logic foundry order for 18A high-volume manufacturing appeared in primary IR / customer releases on 17 September 2026. Jensen Huang's 14 September All-In comments on Elon's Terafab ("you can't discourage Elon from doing it") are color, not an 18A HVM PO. Do not re-rate INTC.

WuXi / BIOSECURE CDMO. Statutory answer date remains 18 September 2026 (tomorrow). No Federal Register / Congress.gov conversion on 17 September. Keep biosecure-act-cdmo-redundancy on the 25th weekday of the contradiction; human call, do not close.

What this is not

Not a Schwab conversion. The hike confirms the rate path; it does not itself haircut 2027 NII consensus. Keep rate-uncertainty-to-schwab-nii-haircut at status: hypothesis.
Not a reason to mint a 27th weekday of net-new AI-infrastructure chains.
Not a reason to graduate WMT/TJX trade-down or rank VLO; diesel>$6 and Q3 trucking-rate guides already sit on existing mechanisms (iran-hormuz-fuel-shock-to-us-diesel-and-trade-down, iran-hormuz-fuel-shock-to-us-truckload-spot-rates).
Not a FOMC-day re-date of NVDA / MU / CEG / INTC / TMO on podcast color.

Primary URLs

Statement HTML: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260917a.htm
Statement PDF: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260917a.pdf
Implementation note: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260917a1.htm
SEP tables PDF: https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20260917.pdf
Warsh statement PDF: https://www.federalreserve.gov/newsevents/pressreleases/monetary20260917a.htm (linked as warsh20260917a.pdf from the release page)