Subject: Fed member says what we all know
But Trump probably won't like to hear it.

https://www.ft.com/content/5a9...
A top Federal Reserve official on Friday warned the Iran war has placed the US economy at risk of a Covid-19 pandemic-style inflation shock.

Fed governor Christopher Waller, who was one of the most dovish US rate-setters, warned the impact of higher oil prices on top of US President Donald Trump’s tariffs raised the prospect of a prolonged bout of strong price pressures in the world’s largest economy.

“I believe there is the possibility that this series of price shocks may lead to a more lasting increase in inflation as we saw with the series of shocks during the pandemic,” Waller said in a speech in Alabama.

His remarks highlight concerns among US central bankers that the Iran war will dent Americans’ trust in their ability to bring inflation under control.

Just a refresher on Waller: He is a Trump-47 appointee. He is, or was, the likely successor to Jay Powell as Fed chair.