Fed Officials Blame Iran War Fuel Costs, Not Tariffs, for Persistent Inflation

📉 FED — Iran war costs, not tariffs, are now the Fed's inflation story. 📌 LOOK CLOSER: Fed officials retiring the tariff narrative — naming Iran fuel costs and AI investment instead — shifts the policy logic. If inflation is war-driven, rate cuts require a ceasefire, not a trade deal. The ECB faces the same bind. Higher-for-longer rates now have a war origin story that no midterm result and no election can resolve.