Home · Business · Sep 1 archive
Oil Prices Spike on U.S. Iran Strikes, Boosting Inflation Fears
Confirmed
Oil prices surged Tuesday after the U.S. military announced further strikes against Iran, deepening inflation concerns and extending an earlier market sell off in stocks and bonds. Bessent said on CNBC that he believes U.S. productivity growth is poised to neutralize concerns about rising inflation, and he dismissed high global oil and gas prices as merely a temporary supply shock, rather than a long term shift.
Michael Barr, a governor at the US central bank, said in a speech on Tuesday that inflation had been too high for five years and warned if it did not cool "then I think we should act decisively to raise rates". “We will get on the other side of the Iran conflict,” he said.
After borrowing costs over 30 years hit levels not seen since 2007, Treasury Secretary Scott Bessent said the the US government would buy back more debt in a bid to lower rates, but the market's reaction to the announcement proved short lived.
His comments came after Kevin Warsh, chairman of the Fed, said last week that policymakers would "have work to do" if they were not confident cost-of-living pressures were easing for Americans.
What's confirmed
What's still developing
- Michael Barr, a governor at the US central bank, said in a speech on Tuesday that inflation had been too high for five years and warned if it did not cool "then I think we should act decisively to raise rates".
- His comments came after Kevin Warsh, chairman of the Fed, said last week that policymakers would "have work to do" if they were not confident cost-of-living pressures were easing for Americans.
- After borrowing costs over 30 years hit levels not seen since 2007, Treasury Secretary Scott Bessent said the the US government would buy back more debt in a bid to lower rates, but the market's reaction to the…
- Oil prices surged Tuesday after the U.S. military announced further strikes against Iran, deepening inflation concerns and extending an earlier market sell off in stocks and bonds.
- Bessent said on CNBC that he believes U.S. productivity growth is poised to neutralize concerns about rising inflation, and he dismissed high global oil and gas prices as merely a temporary supply shock, rather than…
- “We will get on the other side of the Iran conflict,” he said.