Iran War Fuels Inflation; More Fed Officials Lean Toward Rate Hikes, Minutes Show
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Minutes from the Federal Reserve's April meeting reveal that concerns over inflation, driven by the war with Iran, are intensifying among officials. A growing number are now open to the possibility of raising interest rates, signaling an increasingly hawkish policy-making team for incoming Chair Kevin Warsh. Markets are already pricing in this shift, with the 2-year Treasury yield hitting a 15-month high.