The good news: War with Iran didn’t hurt the U.S. nearly as much as economists feared. The bad news: It left inflation, already above the Federal Reserve’s 2% target, more persistent—and left the Fed with no room to cut interest rates. That’s the upshot of how the views of economists surveyed this month by The Wall Street Journal have evolved since the previous survey in April, roughly a month into the war. {chart} Forecasters expect the economy to grow 2.1% this year, up from 2% estimated in April, based on the change in inflation-adjusted gross domestic product between the fourth quarter of 2025 and 2026. Growth ... (full story)