Kevin Warsh’s Federal Reserve will need to raise interest rates by the end of 2026 to tame the burst of inflation sparked by Donald Trump’s Iran war, leading economists said as he prepares for his first meeting as chair.
Warsh will be confronted with inflation running close to a three-year high of 3.8 per cent — nearly double the central bank’s target — as the Federal Open Market Committee begins a two-day meeting later on Tuesday.
The jolt higher in prices, prompted by a sharp rise in fuel costs, led a small majority of the 47 academic economists polled for the FT by the University of Chicago’s Clark Center for Financial Markets to wager that the Fed will need to raise rates by at least a quarter point by year-end.
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