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Kevin Warsh's first Fed press conference looms as inflation surge makes rate cuts increasingly unlikely

The Federal Reserve is expected to hold rates steady following its monetary policy meeting this week amid the rise in inflation, while newly minted Chairman Kevin Warsh is set to hold his first post-meeting press conference.Inflation was already elevated before the Iran war jolted energy prices higher, which has in turn contributed to key inflation measures moving further away from the Fed's 2% target. The consumer price index (CPI) rose to 4.2% in May, which was the highest level since April 2023.That inflationary trend has prompted the market to effectively rule out an interest rate cut at t...