Former Federal Reserve Vice Chairman Roger Ferguson expects the Federal Reserve to hike rates twice more in the remainder of 2026 and early 2027, warning that the Fed has "missed its inflation target by about five years" and that persistently high inflation could damage its credibility. Ferguson's forecast is more hawkish than most observers, who anticipate only one rate hike. He also dismissed current Fed Chairman Warsh's hints about balance sheet adjustments and warned that Treasury intervention is distorting bond market signals that guide policy.