Inflation has climbed in the wake of the energy shock stemming from the Middle East, and economists expect the upward pressure to persist in the months ahead. The Federal Reserve is monitoring the data closely, but it left interest rates unchanged at its most recent policy meeting late last month. The Fed funds futures market is still assigning high odds to the Fed holding steady at the next several meetings. The question now is how high inflation will rise before the central bank feels compelled to resume rate hikes.