The move comes at a pivotal moment for policymakers, who are balancing persistent inflation pressures.

Tom Barkin, who’s led the Federal Reserve Bank’s Fifth District since 2018, this week will attend his first interest-rate meeting with Kevin Warsh at the helm of the powerful central bank.

The bond market wants Fed chair Kevin Warsh to rein in inflation by increasing benchmark interest rates at the central bank.

Kevin Warsh will hold his first policy meeting next week with inflation at a three-year high and a president who expects lower borrowing costs.

Federal Reserve officials hinted more strongly at the potential for higher interest rates, sending stocks lower.