3 things to know about the new Fed chief's first meeting

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The new chairman of the Federal Reserve, Kevin Warsh, holds his first news conference this afternoon.

President Trump chose Warsh to lead the central bank in hopes he would push for lower interest rates. But with inflation at a three-year high, that's probably going to have to wait. Here are three things to know:

1. Inflation is moving in the wrong direction, and there's not much the Fed can do about it

The cost of living in May was up 4.2% from a year ago. That's the biggest annual increase since 2023. And it's mainly driven by the spike in energy prices resulting from the U.S. war with Iran, which snarled tanker traffic in the Strait of Hormuz — a vital energy shipping corridor.

Even though oil prices have come down in recent days since the two countries agreed to extend their
ceasefire, gasoline prices are still more than a dollar a gallon higher than they were before the war began.

https://www.npr.org/2026/06/17/nx-s1-5860084/fed-chief-warsh-first-fomc-meeting