War in Iran Spikes Gas Prices, Drives Up Interest Rates
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
War in Iran escalates gas prices, driving up interest rates and threatening economic growth. Fed watchers hopes for rate cuts dim as inflation fears rise, with odds of a hike by October nearing 25%. Economists and Fed leaders are divided on the impact, with some predicting delayed cuts and others warning of potential hikes due to stubborn inflation. Gas prices could push inflation to 3.4% this month, but high pump prices might also slow spending and growth. Thirty-year mortgage rates have risen to 6.22%, up from pre-war levels, as the Fed monitors inflation versus jobs.
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