Fed Minutes Reveal Deep Divide: Will AI, Iran, and Tariffs Force Rate Hikes?

The Federal Reserve has spent the last two years pretending it could steer the economy with a clean playbook: inflation spikes, raise rates; inflation cools, cut rates. That playbook is now in shreds. The newly released minutes from the June Federal Open Market Committee meeting — the first chaired by Kevin Warsh — reveal a central bank wrestling with a three-headed monster: an artificial-intelligence investment boom that is driving up prices for chips and electricity, a renewed hot war with...