Fed Chair Kevin Warsh and the FOMC Will Likely Take the First Step Toward Dropping the Hammer on Trumpflation This Week
Written by Sean Williams for The Motley Fool -> President Trump's Iran war pushed the U.S. inflation rate to a three-year high of 4.2% in May. The April Fed meeting minutes point to policymakers ditching the easing bias at the upcoming FOMC meeting on June 17. Curbing Trumpfla
President Trump's Iran war pushed the U.S. inflation rate to a three-year high of 4.2% in May.
The April Fed meeting minutes point to policymakers ditching the easing bias at the upcoming FOMC meeting on June 17.
Curbing Trumpflation may be viewed as a necessary evil for Wall Street.
It's been an eventful past month on Wall Street. The Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite (NASDAQINDEX: ^IXIC) jumped to fresh highs, while a changing of the guard was made official at the Federal Reserve. Jerome Powell served his final day as Fed chair on May 15 , while Trump's handpicked successor, Kevin Warsh, was sworn in on May 22.
Something else that's set the tone on Wall Street is the monthly inflation report from the Bureau of Labor Statistics. In May, trailing 12-month inflation soared to 4.2%, representing a three-year high.
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Fed Chair Kevin Warsh delivering remarks. Image source: Official White House Photo by Daniel Torok.
This coming Wednesday, June 17, Fed Chair Kevin Warsh and the other 11 voting members of the Federal Open Market Committee (FOMC) , who determine our nation's monetary policy, are likely to take the first step toward dropping the hammer of President Trump's Iran-war-driven inflation (better known as "Trumpflation" ).
