Top economists say the Fed should resist Trump’s pressure and deliver the first rate hike in more than three years, endorsing KEVIN WARSH’s view that the central bank must focus on curbing inf. In a Chicago Booth survey, 50 of 51 respondents said borrowing costs should be raised from the current 3.5%-3.75% range; most backed a 25bp increase while 14% urged a 50bp hike, citing the risk a US–Tehran conflict could spike fuel prices and broaden inf. Olivier Coibion (UT Austin) said the Fed has falle

Top economists say the Fed should resist Trump’s pressure and deliver the first rate hike in more than three years, endorsing KEVIN WARSH’s view that the central bank must focus on curbing inf. In a Chicago Booth survey, 50 of 51 respondents said borrowing costs should be raised from the current 3.5%-3.75% range; most backed a 25bp increase while 14% urged a 50bp hike, citing the risk a US–Tehran conflict could spike fuel prices and broaden inf. Olivier Coibion (UT Austin) said the Fed has fallen badly behind the curve, with inf well above target for years and no clear downward trend, and called for a forceful policy response.