Recent price pressures have reflected both tariffs imposed by President Donald Trump and higher energy costs tied to the Iran conflict

… ment officer of fixed income and liquidity solutions at Goldman Sachs Asset Management. "The committee's growing hawkish sentiment, shown by the three dissents against today's hold, has also likely been exacerbated by the recent flare up in hostilities in the Middle East." Officials favoring tighter policy argued inflation has been a burden on households and is not showing clear signs of abating. Recent price pressures have reflected both tariffs imposed by President Donald Trump and higher energy costs tied to the Iran conflict. The full committee in June penciled in one quarter-percentage-point increase by the end of 2026. Disparate policy views Governor Christopher Waller also voiced worries recently over inflation, saying higher rates could be necessary if more progress isn't made. However, he voted in favor of a hold at this meeting. For his part, Warsh has called inflation "a choice," and he repeatedly stressed the importance of getting prices in check during recent hearings on Capitol Hill. But from a policy perspective, Warsh has expressed disdain for the Fed's past practice of providing forward guidance on its expectations for rates. Keeping with Warsh's first meeting, the statement was much shorter than what had become the norm. Warsh has stressed changing the way the Fed communicates, even dedicating one of five task forces he has created to address the issue. In the weeks leading up to the meeting, his FOMC colleagues had expressed disparate policy views. New York Fed Chair John Williams has said he sees current policy well positioned to bring inflation back to target. However, Logan countered that "modestly" higher rates would be needed. Hammack also has been an inflation hawk, citing the pressure households are facing from persistently higher prices across the board. Earlier this week, Trump showed support for Warsh, calling him "fantastic" while noting other Fed officials had "bad intentions" and perhaps had political motivations. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news. Subscribe to CNBC PRO Subscribe to Investing Club Licensing & Reprints CNBC Councils Select Personal Finance Join the CNBC Panel Closed Captioning Digital Products News Releases Internships Corrections About CNBC Site Map Podcasts Careers Help Contact News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Advertise With Us Please Contact Us Ad Choices Privacy Policy Your Privacy Choices CA Notice Terms of Service © 2026 Versant Media, LLC. All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Market Data Terms of Use and Disclaimers Data also provided by