Fed's Collins (2028 voter) says renewal of combat in Iran war was a key reason she supported rate hikes last week; pencilled in another rate hike this year but expects rates on hold in 2027, via AP

“I did not see the inflation progress I was hoping to see,” she said. “Geopolitical developments suggest that we could continue to see additional pressures push on the energy side. “There were reasons to see an increased likelihood of some of the scenarios in which inflation gets stuck above 2%,” she added, referring to the Fed’s 2% inflation target, which it has not hit for more than five years.