\n<\/p>\n
A shopper carries a Hollister bag at a shopping mall in Dayton, Ohio, US, on Tuesday, Oct. 21, 2025.<\/p>\n
Kyle Grillot | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
The\u00a0Federal Reserve<\/a> is on the cusp of a “regime change<\/a>”\u00a0after the\u00a0Department of Justice<\/a>\u00a0dropped its criminal investigation<\/a> into Fed Chair\u00a0Jerome Powell<\/a>, eliminating a potential obstacle<\/a> to confirming President Donald Trump’s nominee Kevin Warsh to replace him.<\/p>\n Central bankers are expected to hold interest rates steady at their policy meeting next week \u2014 likely Powell’s last as chair \u2014 doing little to ease consumers’ current affordability challenges.<\/p>\n With\u00a0an inflation shock<\/a>, a war with Iran and an uncertain labor market, futures market pricing is implying\u00a0virtually no chance of a rate cut, according to the CME Group’s\u00a0FedWatch<\/a>\u00a0gauge.\u00a0<\/p>\n Brent crude has surged more than 55%<\/a> since the Iran war began in late February, triggering price jumps for gasoline and jet fuel. Many employers are putting hiring plans on hold<\/a>, and consumer confidence is at an all-time low<\/a>.<\/p>\n “Even if gas spikes were to go away, prices are still higher,” said certified financial planner Stephen Kates, a financial analyst at Bankrate. “Even if we get back to where we were prior to the Iran conflict, there’s plenty of evidence that this is not the right time to get back to cutting rates.”<\/p>\n<\/div>\n