Patience Over Pressure: Trump backs Warsh as inflation hits 4%

With inflation at 4.1% in May, the Trump administration is easing pressure on Fed Chair Kevin Warsh and signaling patience on rate cuts, treating policy decisions as Warsh’s to make rather than demanding immediate moves. White House officials say the shift reflects personnel dynamics more than data, while several advisers have tempered their calls for quick cuts. Markets still price in higher rates later this year, and the inflation outlook remains uncertain amid energy prices and geopolitical tensions.