Since the Fed’s last meeting, there has been one month of better inflation data. On the other hand, the outlook for ongoing prices pressures from the Iran war, tariffs (Canada is new), and the AI build-out has pointed towards no let-up on all three fronts. Minneapolis Fed President Neel Kashkari, who dissented in favor of a rate hike last month, says on inflation, “I’m not feeling confident right now…”(Nick Timiraos)