Federal Reserve Chair Walsh has maintained a stance of refraining from commenting on the rate outlook, but that posture is set to be tested at the July 28–29 FOMC meeting amid renewed upward pressure from oil prices, tariff-driven inflation, and a growing hawkish tilt within the Fed. The July meeting is expected to hold the policy rate at 3.50 to 3.75 percent, yet with inflation running above the 2 percent target for more than five years, Governor Waller has argued that rate hikes should not be delayed, and Cleveland Fed President Hammack has revealed that businesses are calling for higher rates. The PCE price index rose 4 percent year-on-year in May, and Goldman Sachs analysis shows roughly 60 percent of components are rising at an annual rate above 3 percent. Chair Walsh's approach of providing no forward guidance may be reaching its limits as support for rate increases grows.