Axios

The prospect of a reopened Strait of Hormuz and a pending U.S.-Iran peace deal could help ease the big inflation risk hanging over Kevin Warsh's first Federal Reserve meeting as chairman.

• "Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz," President Trump said Monday morning in a post on Truth Social.

Friction point: Lingering disruptions to shipments of oil, fertilizer and other industrial inputs could keep inflation concerns alive at the Fed.

As Kevin Warsh leads his first policy meeting as Federal Reserve chairman this week, he is not getting the luxury of starting the job in "easy" mode.

The big picture: He faces a renewed surge of inflation, a restive wing of monetary hawks on the policy committee and big questions around how he will operationalize the major changes he advocates in how the Fed works.

President Trump is billing Washington, D.C.'s July 4 celebration of 250 years of American independence as a political rally for himself.

Why it matters: Turning America's birthday into a Trump rally underscores the tension in the nation's capital between bipartisan celebrations of U.S. history and the partisan spectacle of Trump's presidency.