The next bout of US inflation looks set to kick in before the Federal Reserve is quite done cleaning up after the last one.
As the war in Iran sends fuel costs soaring, there’s growing anticipation of fallout at home. Consumers, bond traders and economists all now expect a price jump in the coming year. And even before energy spikes — and before President Donald Trump gets his new chair into place, with a mandate for easier money — the Fed was already seeing its inflation-fighting credentials called into question.