Washington D.C., May 28 -- Newly appointed US Federal Reserve Chair Kevin Warsh has a tough job at hand. The next Federal Open Market Committee (FOMC) meeting will be held on June 16-17 to decide the future course of action on the monetary policy front.

The latest round of US strikes on Iran pushed oil prices higher even as truce talks go back and forth with no clear sight of when the Middle East conflict could end.

Higher energy prices, along with US President Trump's import tax hikes, have stoked inflation fears, putting lower-income households in a tough situation. Consumer sentiment touched a record low in May as worries mounted over oil prices remaining elevated on the back of continued closure of the Strait of Hormuz.

Warsh, who ...