Fed's Cook Says Uncertainty Is Elevated; Balance Of Risks Are Largely On Net In Balance; See Inflation Risk Greater Now As A Result Of War In Iran; It Could Have A Substantial Effect On Inflation; We Had Been Getting Close To 2% Target, Tariffs Took Us Away From That And This Takes Us Even Further; Balance Of Risks Has Shifted More Toward Inflation; The Iran War Has Put My Concern On Balance Of Risks More Toward Inflation

Federal Reserve official Cook indicated that uncertainty in the economy is elevated, with risks now leaning more towards inflation due to the ongoing war in Iran. This conflict is expected to have a substantial impact on inflation, moving it further away from the Fed's 2% target. Cook emphasized that the balance of risks has shifted, highlighting increasing concerns over inflation as a result of these geopolitical tensions.