Tension is building among the policymakers tasked with wrangling inflation as the economic effects of the US-Israeli war with Iran broaden. When Federal Reserve officials convened on March 17-18, just a few weeks after the war broke out, Chair Jerome Powell said any effects on inflation would likely be temporary and could be contained within the energy industry, keeping the door open for at least one rate cut this year. At the time, Wall Street was also optimistic that Kevin Warsh, President Donald Trump’s pick to succeed Powell, would push for rate cuts, if he’s confirmed. But the Iran war has dragged on since then, ... (full story)