Warsh would be wise to listen to Fed dissenters

May 7, 2026, Opinion: “Before the Iran war, most Americans were finally catching a break at the petrol pump. That’s over now. Since February, petrol prices have jumped from under $3 to over $4.50 per gallon and diesel is up nearly 50 per cent to over $5.60. Farmers face fertiliser price increases of 25 to 50 per cent. The economic shockwave from the closure of the Strait of Hormuz has disrupted 20 per cent of global oil and natural gas shipments and as much as 30 per cent of fertiliser shipments. Even if the strait reopened tomorrow, it would take months for supply chains and prices to normalise.”