Kevin Warsh wants inflation to move more swiftly back to the Federal Reserve’s 2% target. But on Wednesday, the central bank chair and his colleagues are widely expected to hold interest rates steady.

The discrepancy is poised to be a focal point at the latest meeting, which is taking place just days before midterm elections that will decide who controls Congress in the latter half of President Donald Trump’s second term.

Since officials voted unanimously in September to raise rates by a quarter point to 3.75% to 4%, the incoming inflation data has been anything but reassuring. Energy prices are up across the board as the war with Iran has dragged on. The range of goods and services growing costlier appears to be broadening out.…