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Fortune
Fortune
Eva Roytburg

Inflation won’t die. Now the bond market is daring the Fed to do something about it

Kevin Warsh, chairman of the US Federal Reserve, walks the grounds during the Kansas City Federal Reserve's Jackson Hole Economic Policy Symposium in Moran, Wyoming, US, on Friday, Aug. 28, 2026. (Credit: David Paul Morris/Bloomberg via Getty Images)

A hot war, a trade war, a bad harvest, a snarl in shipping. Supply shocks have come so often over the past six years, KPMG chief economist Diane Swonk told Fortune, that they’ve started to sound like a drumbeat.

“With a drumbeat you get a rhythm,” she said, “and with the rhythm you learn.”

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