Too soon to know how Iran war will affect inflation.Iran war impact could have monetary policy impact.Elevated headline inflation bears watching given recent inflation path.Had thought monetary policy was in a good place.Fed need to see how big and longer-range shock will be.Uncertainty about tariff outlook has increased.Doesn't think the latest round of tariffs will have fresh inflation impact.Doesn't seem much chance to substantially increase level of tariffs.Needs more data to know what Fed should do with rates this yearThe labor market is in a decent place.Fed has to hit 2% inflation targetStrength of economy suggests higher neutral rate.Ahead of the Iran attack, Fed job inflation mandates felt more stable.Bottom LineKashkari sounds data-dependent and cautious, but the emphasis on inflation risks and watching headline inflation carefully gives the comments a slight hawkish lean, rather than dovish.At the most recent FOMC meeting on January 28, 2026, Kashkari voted with the majority to keep the federal funds rate unchanged at 3.50%–3.75%.The decision was 10–2 in favor of holding rates steady, with two dissenters who preferred a 25 basis point rate cut.Kashkari aligned with the consensus to pause, supporting the decision to leave policy unchanged rather than advocating for a hike or a cut at that meeting. This article was written by Greg Michalowski at investinglive.com.