Analysis

Malaysia Holds 2026 Growth at 4–4.5% Despite Geopolitical Headwinds — Resilience or Caution?

Published

5 months ago

March 12, 2026

The scene outside Putrajaya’s Perdana Putra complex on Thursday morning said something quietly important about Malaysia’s mood.

Economy Minister Akmal Nasrullah Mohd Nasir stepped up to the lectern to launch the government’s new digital plan-monitoring tool — the 13th Malaysia Plan implementation tracker known as MyRMK — surrounded by the bureaucratic apparatus of a government that, for once, was not trying to manage expectations downward. The economy had just delivered its best back-to-back performance in a decade. The message from the minister, measured and deliberate, was: we are staying the course.

“This matter will always be reviewed by Bank Negara Malaysia and BNM will ultimately determine whether this target remains up or down. But so far, the indication is that we remain with this target,” Akmal told journalists after the event. The Star The target in question is Malaysia’s official 2026 GDP growth forecast of 4.0%–4.5% — a range the government has maintained since last year’s Budget and one that now sits conspicuously below where private-sector economists and multilateral institutions believe the economy is heading.

That gap — between official caution and analyst optimism — is the central question of Malaysia’s economic story in 2026. Is Putrajaya exercising prudent statecraft in a world clouded by Middle Eastern conflict and American tariff volatility? Or is the government, already eyeing a general election no later than February 2028, resisting the temptation to set a bar it might fail to clear?

2025: A Year That Surprised Everyone

To understand the government’s calculus, it helps to appreciate just how comprehensively Malaysia beat expectations last year.

Full-year GDP growth for 2025 was recorded at 5.2%, with the momentum accelerating sharply to 6.3% in the fourth quarter — the strongest quarterly print in years. The Star This Q4 surge was underpinned by services growth of 6.3% and manufacturing expansion of 6.1%, while on the demand side private consumption rose 5.3% and investment activity expanded by a striking 9.2%. Ram

The labour market delivered an equally striking result. The unemployment rate fell to 2.9% in Q4 2025 — the lowest level in 11 years, The Star a figure that carries genuine political weight for a Pakatan Harapan government that came to power on a cost-of-living mandate. Headline inflation remained subdued at 1.4% across the year, giving the Anwar administration a rare combination of strong growth and benign prices.

The country’s trade crossed a record RM3 trillion (~USD 780 billion) for the first time in 2025, Fortune driven in large part by Malaysia’s semiconductor and electrical equipment manufacturing base, which rode the global AI investment wave with exceptional timing. Approved investments surged 13.2% to RM285.2 billion in the first nine months of 2025, reflecting sustained investor confidence even as tariff turbulence shook regional supply chains. BusinessToday

In short: Malaysia outperformed not just its own official projections but also the preliminary estimates issued mid-year. The 2025 outturn has given Putrajaya both the confidence to reaffirm its 2026 target and the institutional credibility to resist inflating it.

Why the Government Is “Sticking” — Not Upgrading

Geopolitics: The Middle East Variable

Akmal was explicit that “the geopolitical situation is among the main challenges in 2026,” The Star a reference primarily to the escalating US-Israel-Iran confrontation that has injected acute uncertainty into global oil markets and seaborne trade routes.

US and Israeli military strikes against Iran, followed by Iranian retaliatory actions against US military bases across several Gulf states, have raised the spectre of sustained disruption to the Strait of Hormuz — the narrow chokepoint that handles close to 30% of global seaborne oil trade. Iran also accounts for roughly 3% of global crude output as the fourth-largest OPEC producer. Ram

For Malaysia, the transmission mechanism is not primarily via trade — the Middle East accounts for only 1.9% of Malaysian exports and 4.7% of imports. Ram The real exposure lies in oil prices and energy costs. Akmal noted that the ongoing conflict “does not provide strong indications for the government to make drastic changes to its existing policies or adjust domestic fuel prices,” The Star but the government is clearly not willing to assume the conflict will de-escalate quickly enough to justify a higher growth target.

The American Tariff Overhang

Export growth is expected to moderate in 2026 as the impact of US reciprocal tariffs and earlier front-loading activities begin to materialise. The IMF also projects global trade growth to slow from 3.6% in 2025 to 2.3% in 2026. Ram

While the US Supreme Court struck down the original reciprocal tariff measures, the US government swiftly introduced a new 10% global blanket tariff under alternative legislation, with a potential increase to 15% for some countries under consideration. The 150-day window for further tariff action under new legal frameworks keeps uncertainty elevated. Ram The most dangerous scenario for Malaysia specifically is a targeted levy on semiconductors — its single most valuable export category — which RAM Ratings flags as a key downside risk capable of materially impairing the country’s growth momentum.

After months of negotiations, Malaysia and the US reached a deal in 2025 whereby Malaysia reduced tariffs on certain American products in exchange for Washington lowering duties to 19%, with exemptions for key Malaysian exports including aviation components and electrical equipment. Fortune That agreement provides some floor of stability — but it does not eliminate the threat of new measures.

Where the Upside Lies

Despite these headwinds, the case for Malaysia outperforming its official 4.0–4.5% target is, if anything, stronger today than it was twelve months ago.

The Semiconductor and AI Supercycle

Malaysia is no longer merely a low-cost assembly hub in the global chip supply chain. It has become a mid-tier strategic node for advanced packaging, back-end testing, and increasingly for chip design — a repositioning driven partly by geopolitical necessity (as US-China tensions redirect investment) and partly by deliberate industrial policy under the New Industrial Master Plan 2030.

MBSB Research has projected that AI-related capital expenditure may be entering a “super cycle,” with AI infrastructure spending forecast to exceed USD 500 billion in 2026. Data centres are pushing global power demand up roughly 20% annually, creating significant equity opportunities in utilities and grid modernisation — sectors where Malaysia has major exposure. Notably, Malaysia captured 32% of Southeast Asia’s AI funding, Xinhua a market-share figure that would have seemed implausible five years ago.

The Johor-Singapore Special Economic Zone, which allows companies to tap Singapore’s financial and legal infrastructure while accessing Malaysia’s lower costs and larger land base, attracted almost one-third of all approved foreign direct investment into Malaysia in the first three quarters of 2025. Fortune Minister Akmal, himself a Johor native, has suggested the state may soon overtake Selangor as the country’s top FDI destination — a seismic shift in Malaysia’s economic geography that has not yet been fully priced by markets.

Visit Malaysia 2026: Tourism as a Structural Accelerant

The Visit Malaysia 2026 campaign targets up to 43 million tourists and aims to generate RM329 billion (~USD 83 billion) in revenue — potentially contributing 15% of GDP — with tourism already supporting 22% of jobs nationally as of 2024. Usasean That is not a niche catalyst; it is a full-scale services-sector expansion programme with multiplier effects across hospitality, transport, retail, and financial services.

Bank Negara expects this momentum to extend into early 2026, underpinned by the second round of the Sumbangan Asas Rahmah cash transfer programme, seasonal festival-related spending, and the Visit Malaysia 2026 campaign. New Straits Times The cash assistance programme itself has been upsized to RM15 billion in 2026 from RM13 billion in 2025, Ram providing a meaningful consumption floor for lower-income households even as external demand softens.

The 13MP Execution Dividend

Akmal has framed 2026 as a year of “execution and discipline,” with the 13th Malaysia Plan (RMK13) — which targets annual GDP expansion of 4.5% to 5.5% through structural reforms — serving as the government’s core organising framework. Fortune The MyRMK digital tracking system, launched this morning, is designed to hold agencies accountable to measurable KPIs in real time, reducing the chronic implementation gap that has plagued previous Malaysian development plans.

The 13MP’s emphasis on high-value industries, the ASEAN power grid, nuclear energy exploration, and talent development — Akmal noting pointedly that “capital can be injected by a government or investor, but talent is the one thing we need to build” Fortune — signals a government acutely aware that Malaysia’s middle-income trap cannot be escaped through investment incentives alone.

What the Analysts Are Saying

The divergence between official caution and market optimism is striking. Maybank Investment Bank projects GDP growth of 5.1% in 2026, maintaining the momentum of last year’s 5.2% outturn, and expects this to translate into 5.3% operating profit growth for the banking sector driven by 5% domestic loan expansion. Focus Malaysia

Apex Securities and Hong Leong Investment Bank have both revised their 2026 forecasts upward to 4.7%, driven by firmer growth momentum in late 2025. Kenanga Investment Bank holds at 4.5% with acknowledged upside potential toward 5.0% if current momentum holds. The Sun

The IMF revised its Malaysia growth forecast upward by 0.3 percentage points to 4.3% for 2026 and 2027 in its January World Economic Outlook update, itself a meaningful signal of improving fundamentals. The Edge Malaysia

The World Bank’s latest Malaysia Economic Monitor places growth at 4.1%, the most conservative of the major multilateral estimates, reflecting caution about the delayed tariff impact on export competitiveness.

RAM Ratings maintains its wider band of 4.0%–5.0%, with fiscal deficit projected to narrow to 3.5% of GDP in 2026 from 3.8% in 2025 as spending controls tighten, though government debt is expected to remain at 65.7% of GDP — a ratio that underscores the importance of continued fiscal discipline. Ram

HSBC ASEAN economist Yun Liu sits at 4.6%, citing the electrical equipment sector and tourism as the twin engines of outperformance.

The consensus arithmetic is clear: private-sector analysts expect Malaysia to beat the government’s own ceiling. The official 4.5% upper bound has become, in effect, a floor for institutional forecasters.

Regional Scoreboard: Malaysia in ASEAN Context

Malaysia’s growth trajectory looks respectable but not exceptional within Southeast Asia. The World Bank projects Vietnam at 6.3%, the Philippines at 5.3%, and Indonesia at 5.0% for 2026, with Thailand languishing at just 1.8% — the weakest performance among major ASEAN economies. Nation Thailand

Vietnam is ranked among the world’s fastest-growing economies for 2026 at 5.6–5.7%, trailing only India and the Philippines, StatisticsTimes.com bolstered by manufacturing diversification and rising FDI from export-relocated supply chains. Indonesia at 5.0% benefits from Prabowo Subianto’s fiscal stimulus and state-led investment programme, though governance risks remain a structural overhang.

Malaysia’s 4.3–4.5% positioning reflects a more mature economy with a higher GDP per capita base — but also the constraints of a relatively open economy more exposed to US trade policy volatility than Vietnam’s manufacturing-driven growth model. The comparison that should alarm policymakers most is with Vietnam, which has successfully climbed into higher-value electronics manufacturing while Malaysia risks being squeezed between Singapore’s services sophistication and Vietnam’s cost competitiveness in mid-range manufacturing.

Thailand’s 1.8% projection is a cautionary tale of what happens when structural reform stalls and political uncertainty persists — a trajectory Kuala Lumpur is determined to avoid as it approaches its own electoral moment.

Risks: The Three Scenarios

Base Case (4.3–4.5%): Middle East tensions persist but do not escalate to full Strait of Hormuz closure; US tariffs remain at current levels with no new semiconductor levies; Visit Malaysia 2026 delivers strong but not record-breaking tourism numbers; 13MP execution proceeds with typical government lag. BNM maintains the overnight policy rate with one possible 25 basis point cut in H2.

Upside Case (4.8–5.1%): AI data centre investment accelerates; Visit Malaysia 2026 beats arrival targets; Johor SEZ draws marquee technology investors; US-Malaysia tariff framework is extended and deepened; semiconductor upcycle spills over into the broader services sector. This is the Maybank scenario.

Downside Case (3.5–3.8%): A full escalation of the Iran-US-Israel conflict triggers an oil price spike above USD 120 per barrel; the US imposes sectoral tariffs on semiconductors; global trade growth slows below the IMF’s already-modest 2.3% projection; BNM is forced to hold rates higher to defend the ringgit. Maybank has estimated that a one percentage point reduction in world GDP growth would negatively impact Malaysia’s growth by approximately 0.8 percentage points — a coefficient that reveals the economy’s structural sensitivity to external shocks. Focus Malaysia

Investment Implications and Policy Recommendations

For international investors, the key insight from today’s announcement is not the headline 4.0–4.5% number but the direction of travel in Putrajaya’s risk calculus. A government that is confident enough to stand by its forecast while acknowledging geopolitical headwinds is a government that believes its domestic fundamentals are robust enough to absorb external shocks — and recent data supports that confidence.

Three investment themes deserve close attention:

First, the semiconductor and AI infrastructure complex — spanning Penang’s integrated circuit design clusters, Johor’s data centre corridor, and the Kulim Hi-Tech Park expansion — represents a multi-year structural opportunity that is only partially correlated with the government’s conservative GDP range. Malaysia’s 32% share of Southeast Asian AI funding is a durable competitive advantage, not a cyclical blip.

Second, the Visit Malaysia 2026 services trade is an underappreciated current account positive. A RM329 billion tourism revenue target, if even 70% achieved, would meaningfully narrow Malaysia’s services deficit and support the ringgit — reducing the currency risk premium that still deters some portfolio investors.

Third, 13MP execution risk cuts both ways. The MyRMK tracking system, launched this morning, is precisely the kind of institutional innovation that separates credible development plans from aspirational ones. If the system delivers genuine accountability — rather than the performative KPI dashboards that have historically adorned Malaysian public administration — the medium-term 4.5–5.5% annual growth target embedded in the 13MP becomes investable, not merely aspirational.

On policy, the central bank should be given room to act counter-cyclically if global headwinds intensify — a 25 basis point cut in H2 2026 would be defensible given benign inflation and the tariff-related drag on exports. The government, meanwhile, needs to resist the electoral temptation to front-load consumption transfers at the expense of the fiscal consolidation trajectory that RAM Ratings, the World Bank, and the IMF all identify as essential to Malaysia’s long-term credit credibility.

The 4.0–4.5% target, in the end, is less a forecast than a signal — a statement that Kuala Lumpur will not allow global turbulence to become a self-fulfilling prophecy. Whether it proves resilience or caution will be determined not in Putrajaya’s press conference rooms, but in the semiconductor fabs of Penang, the hotel lobbies of Langkawi, and the construction sites of Johor — where Malaysia’s actual 2026 story is already being written.

📊 Key Data at a Glance

Malaysia 2025 full-year GDP growth: 5.2%
Q4 2025 GDP growth: 6.3% (strongest quarter of the year)
2025 unemployment rate (Q4): 2.9% — lowest in 11 years
2025 headline inflation: 1.4%
2025 approved investments (Jan–Sep): RM285.2 billion (+13.2% YoY)
2025 total trade: Record RM3 trillion+
Official 2026 GDP forecast: 4.0%–4.5%
IMF 2026 forecast for Malaysia: 4.3%
Maybank IB 2026 forecast: 5.1%
Visit Malaysia 2026 target: 47 million visitors / RM329 billion receipts
Cash transfers 2026: RM15 billion (up from RM13 billion)
Fiscal deficit 2026 (RAM projection): 3.5% of GDP

🌏 ASEAN 2026 GDP Growth Comparison (World Bank / IMF)

Economy	2026 Forecast
Vietnam	6.3%
Philippines	5.3%
Indonesia	5.0%
Malaysia	4.1–4.5%
Thailand	1.8%

Sources & Further Reading

❓ FAQ Schema (People Also Ask)

Q1: Why is Malaysia maintaining its 2026 GDP growth forecast at 4.0–4.5% instead of raising it? Economy Minister Akmal Nasrullah explained on 12 March 2026 that while 2025’s 5.2% growth demonstrates resilience, ongoing Middle Eastern geopolitical conflict and US tariff uncertainty justify a prudent, unchanged official target. Bank Negara Malaysia retains final authority to revise the figure upward or downward based on evolving conditions.

Q2: What are the biggest risks to Malaysia’s 2026 economic growth outlook? The three primary downside risks are: (1) an escalation of the Iran-US-Israel conflict disrupting global oil trade and raising energy costs; (2) the imposition of new US tariffs specifically targeting semiconductors — Malaysia’s largest export category; and (3) a sharper-than-expected global trade slowdown, which RAM Ratings estimates could reduce Malaysia’s growth by approximately 0.8 percentage points for every one percentage point drop in world GDP growth.

Q3: How does Malaysia’s 2026 GDP growth forecast compare to other ASEAN economies? Malaysia’s official 4.0–4.5% target and analyst consensus of 4.3–5.1% places it in the middle of the ASEAN pack. The World Bank forecasts Vietnam at 6.3%, the Philippines at 5.3%, and Indonesia at 5.0% for 2026, while Thailand trails significantly at 1.8%. Malaysia’s higher GDP per capita base partly explains the more moderate headline growth rate relative to frontier-stage peers like Vietnam.

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Banks

Inside the Fed’s Most Divided Vote in Years: Why Warsh Held the Line on Rates

Published

1 day ago

August 3, 2026

Abdul Rahman

The Federal Reserve’s rate-setting committee held its benchmark borrowing rate steady on July 29, keeping it in a range of 3.5% to 3.75% — but the calm on the surface masked one of the most contested votes of the post-pandemic era. The Federal Open Market Committee split 9 to 3, with three members pushing to raise rates rather than hold, according to NPR’s coverage of the decision.

Chair Kevin Warsh, who took over the Eccles Building earlier this year after a nomination process that rattled bond markets, used his post-meeting press conference to make a point of not making a point. Rather than signal where rates are headed next, Warsh told reporters the Fed would judge market reaction “direct and unfiltered” instead of offering the rolling forecasts investors have come to expect, a stance detailed in CNBC’s meeting recap.

A rate hike was genuinely on the table

What made this meeting unusual wasn’t just the dissent — it was how close markets came to pricing in a hike rather than a cut. Fed funds futures tracked by CME Group put the odds of a rate increase at roughly 35% heading into the decision, up sharply from 26% a week earlier, according to CNBC’s markets analysis. That is a striking reversal from the rate-cutting cycle many investors had expected when Warsh’s nomination was first floated as a “productivity-led growth” pivot away from his predecessor’s caution.

The market reaction told its own story. The S&P 500 slid roughly 0.6% during Warsh’s press conference, the Dow shed more than 840 points intraday, and the 10-year Treasury yield rose to 4.657%, even as the Fed opted for a hold rather than a hike.

Why Warsh is playing it differently

Warsh’s approach reflects both economic and political calculus. Treasury yields have climbed since the Fed’s prior meeting despite the hold, a dynamic Warsh acknowledged directly. And unlike his predecessor, Warsh has been explicit that he intends to set policy independent of the White House’s preferences — even as he awaits a possible additional ally on the Board once a pending internal review concludes, according to CNBC’s analysis of the political backdrop.

Why this matters beyond Washington

A genuinely undecided Fed has knock-on effects well past US borrowers. Higher-for-longer Treasury yields pull global capital toward dollar assets, complicating rate paths in London, Ottawa, and emerging markets alike — a dynamic playing out in parallel with the UK’s own fiscal squeeze (see our companion report on the Autumn Budget) and China’s deflationary drag on global demand. For businesses and investors across the Gulf, Southeast Asia, and South Asia weighing dollar-denominated debt or dollar-pegged currencies, an unpredictable Fed chair is arguably a bigger variable than the rate level itself.

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Analysis

Pakistan Passed Its Third IMF Review

Published

3 days ago

August 1, 2026

Abdul Rahman

The IMF’s Executive Board completed Pakistan’s third review of its 37-month Extended Fund Facility (EFF) and second review of its Resilience and Sustainability Facility (RSF) on May 8, 2026, unlocking roughly $1.1 billion under the EFF and $220 million under the RSF, according to the IMF’s official statement. Total disbursements under both arrangements now stand at roughly $4.8 billion. Acting Chair Nigel Clarke credited Pakistan’s “strong program implementation” for supporting macroeconomic recovery and building resilience to shocks.

The Genuinely Good Numbers

By the IMF’s own account, the underlying data supports the assessment. GDP growth accelerated to an average of 3.8% year-on-year in the first half of FY26, driven by the auto, construction and garment industries, even accounting for flood disruption in July-August, according to the IMF’s staff report. Inflation, while ticking up to 7.3% year-on-year in March as commodity price pass-through hit domestic energy prices, remained within a broadly contained range, with core inflation at 7.6%. The current account was described as broadly balanced, and reserve rebuilding exceeded earlier projections — the State Bank of Pakistan projects reserves continuing to climb to roughly $18 billion by June 2026, according to analysis from the Islamabad Policy Research Institute.

The State Bank confirmed receipt of $1.3 billion from the IMF on May 12, 2026, according to CSS Prep’s policy analysis, which notes reserves had fallen to dangerously low levels in 2022-2023 before this recovery.

The External Risk the IMF Flagged Explicitly

The Fund’s own report is notably candid about downside exposure: under its April 2026 World Economic Outlook adverse scenario, the cumulative hit to Pakistan’s GDP from continued Middle East conflict could rise to around 1.5 percentage points by FY27, with inflation and the current account deficit each worsening by roughly 1.5-2.5 percentage points of GDP, according to the IMF’s staff country report. Given Pakistan’s reliance on imported energy, oil price volatility discussed in the IMF’s global outlook feeds directly into this specific country risk.

The Reform Question That Keeps Recurring

The structural policy conditions attached to this review read as familiar territory: sustaining fiscal consolidation, broadening the tax base, maintaining tight monetary policy to keep inflation within the State Bank’s target range, and advancing energy-sector reform — commitments the IMF’s own end-of-mission statement described as still “ongoing” rather than complete, per the IMF’s March 2026 mission statement.

A sharper framing comes from Pakistani policy analysts themselves: reforms that would genuinely break the IMF-program cycle — broadening the tax base to include agriculture and retail, ending energy subsidies, privatizing loss-making state-owned enterprises — impose concentrated, visible costs on politically organized interest groups, while the benefits of reversing those costs are diffuse and delayed, according to CSS Prep’s analysis. That political-economy imbalance, the analysis argues, consistently favors populist continuation of stabilization support over the structural reform that would end the need for it — a pattern this third review’s genuine macroeconomic progress doesn’t yet break.

Social Cost of the Adjustment

Pakistan’s poverty headcount rate rose to 25.3% in FY24, up sharply from 18.3% in FY22, driven by overlapping shocks from COVID, floods and inflation, according to the IMF’s staff report. The Benazir Income Support Programme (BISP) remains the primary social protection mechanism absorbing the distributional cost of IMF-mandated energy price increases and fiscal tightening — whether its scale is adequate remains, in the IMF’s own words, a live policy question rather than a settled one.

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Analysis

The Fed Is Fractured — And a New Chair Just Made It Louder, Not Quieter

Published

3 days ago

August 1, 2026

Abdul Rahman

The Federal Reserve held its benchmark interest rate steady at 3.5%-3.75% on July 29, 2026, but the more consequential detail was the vote itself: 9-3, with three regional Federal Reserve Bank presidents — Cleveland’s Beth Hammack, Minneapolis’s Neel Kashkari, and Dallas’s Lorie Logan — dissenting in favor of a rate hike, according to CNBC’s coverage of the meeting. Inflation has remained above the Fed’s 2% target for more than five years, the underlying tension driving the split.

A New Chair, A Different Communication Style

The decision was the latest under Fed Chair Kevin Warsh, who took over after Jerome Powell’s term expired on May 15, 2026, according to iShares’ 2026 Fed outlook. Warsh has deliberately shortened the Fed’s post-meeting statements and pulled back on the kind of explicit forward guidance markets had grown accustomed to under his predecessors — he has reportedly dedicated one of five internal task forces specifically to rethinking how the Fed communicates, according to CNBC’s reporting. Warsh has publicly called inflation “a choice,” repeatedly emphasizing the importance of getting prices under control in recent congressional testimony.

At his post-meeting press conference, Warsh pushed back on characterizing the decision as a “pause,” instead describing it as “a rigorous review of the economic situation” and “a view of what our own homework is to try to resolve those questions in the period ahead,” according to a separate CNBC recap. Warsh has reportedly used the phrase “family fight” 13 times across five public appearances to acknowledge the committee’s internal divisions — an unusually candid framing for a sitting Fed Chair.

Why the Split Exists

Governor Christopher Waller has separately voiced concern that higher rates could become necessary without more inflation progress, even though he voted for the hold at this meeting. The full committee’s June projections penciled in one quarter-point increase by the end of 2026 — a notable shift from the rate-cutting path markets had priced in earlier in the year, according to the Fed’s own June 2026 Summary of Economic Projections, which explicitly flags that the federal funds rate outlook “is subject to considerable uncertainty” given how sensitive each participant’s view is to how inflation and employment data evolve from here.

Complicating Factors

Renewed U.S.-Iran tensions have already pushed mortgage rates near a one-year high independent of the Fed’s own decisions, since longer-term rates track Treasury yields and inflation expectations rather than the Fed funds rate directly, according to CNBC’s analysis. Separately, iShares had earlier projected that once a new Chair was confirmed, the Fed might seek one or two rate cuts to bring rates closer to a 3%-3.25% range — a path the July hold and hawkish dissents now put in serious doubt.

The next FOMC meeting is scheduled for September 15-16, 2026, and will include a fresh Summary of Economic Projections, according to Forbes’ Fed tracker — the next real test of whether Warsh’s committee can narrow its internal divide or whether the “family fight” framing becomes the defining feature of Fed policy through the rest of 2026.