The Federal Reserve's favored inflation gauge showed prices edged down in June but remain uncomfortably above the central bank's 2% goal. Month over month, inflation cooled: Core PCE increased 0.1%, compared with expectations of 0.2% and down from 0.3% in May. But since these inflation readings, fighting between the US and Iran has reignited, pushing up energy prices and threatening to push inflation higher if sustained. The Fed opted to hold rates steady on Wednesday, but Dallas Fed president Lorie Logan, Cleveland Fed president Beth Hammack, and Minneapolis Fed president Neel Kashkari dissented, preferring to raise rates by a quarter percentage point. Warsh said that in addition to PCE, he is looking at a range of inflation measures to assess underlying price pressures in the economy.