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Continuing story · 3 reports

The Fed's Response to War-Driven Inflation

First aired Latest aired

Gone quiet since

Where it stands

War-driven price increases have prompted a debate over whether the Fed should raise rates or look through the shocks. At Jackson Hole on Aug. 29, Chair Kevin Warsh called for ending regular forward guidance and hinted at a possible September rate hike; the policy decision remains open.

Explore with HeyDex

Continuing storyDay 31

3 reports25 outlets33 sources3 videos

29 quiet days
  • No dated events yet
    1. Update 1Fed Holds at 3.5%-3.75% as Warsh Takes Hawkish Line on Inflation
    2. Update 2Inflation Stuck at 3.3% as Fed Faces Jackson Hole Test
    3. Update 3Fed Chair Scraps Forward Guidance, Hints at Rate Hike

    The story so far

    1. Update 347 hours later

      Fed Chair Scraps Forward Guidance, Hints at Rate Hike

      Kevin Warsh used his Jackson Hole debut to bury routine forward guidance and take ownership of 65 months of high inflation — leaving markets to price a September hike.

      Still open after this report

      • No September decision had been made in the sources; hike odds are market pricing, not a Fed promise.
      • Whether the communication shift is permanent, and what replaces routine guidance, is not established.

    2. Update 229 days later

      Inflation Stuck at 3.3% as Fed Faces Jackson Hole Test

      July PCE held at 3.3% core and 3.7% headline for the 65th month above target, and Warsh used Jackson Hole to put hikes back on the table.

      Still open after this report

      • No verbatim Warsh remarks, no names for the three warning officials, and no exact start month for the streak are verified in these excerpts.
      • No verified current policy rate range, vote breakdown, or detailed rate path going into the symposium.

    3. Update 1

      Fed Holds at 3.5%-3.75% as Warsh Takes Hawkish Line on Inflation

      The Fed held rates at 3.5%-3.75% for a fifth straight meeting as three policymakers pushed to hike and Chairman Kevin Warsh warned there is no magic wand for high prices.

      Still open after this report

      • No provided source gives the full verbatim text of the CNBC inflation is a choice interview.
      • No complete, fully verified list of the three dissenting voters is available in these excerpts.

    History

    1. Opened1 report

    Who's involved

    People

    • Kevin WarshChairman of the Federal Reserve since 20263 reports
    • Donald TrumpPresident of the United States (2017–2021; since 2025)2 reports
    • Andrew BaileyGovernor of the Bank of England1 report
    • Neel KashkariPresident/CEO Federal Reserve Bank of Minneapolis1 report
    • Tiff MacklemGovernor of the Bank of Canada1 report

    Places

    • Jackson HoleJackson Hole, Wyoming 83001, USA2 reports
    • United StatesUnited States2 reports
    • Board of Governors of the Federal Reserve SystemConstitution Ave NW &, 20th St NW, Washington, DC 20551, USA1 report
    • Federal Reserve Bank of Kansas City1 Memorial Dr, Kansas City, MO 64198, USA1 report
    • IranIran1 report

    Every outlet we read on this story

    33 sources25 outlets3 videos2 wire copies