Iran-driven inflation heights push Fed toward potential rate hikes under Warsh

April Fed minutes reveal a hawkish drift as inflation pressures from the Iran–Israel conflict intensify, with more policymakers suggesting tightening may be needed if inflation stays above 2%. The minutes also show wariness about easing as Warsh takes the helm, even as Powell departs; markets and economists increasingly expect higher rates rather than cuts this year, supported by a resilient labor market and rising bond yields.