Federal Reserve policymakers are once again confronting a shifting inflation landscape as geopolitical tensions in the Middle East threaten to derail the central bank’s progress toward restoring price stability. For the fifth consecutive year, the Fed’s effort to bring inflation back to its 2% target has been disrupted by external shocks. The pandemic’s economic aftereffects were followed by Russia’s invasion of Ukraine and a global energy spike, then trade tensions and tariffs. Now, the conflict involving the United States and Iran risks pushing commodity prices higher again and delaying the path toward lower ... (full story)