ABC News links surging diesel above $6.31 to Iran war and Fed rate decision
The segment opens with Wall Street awaiting the Federal Reserve's interest-rate decision amid 30-year mortgage rates exceeding 7%. It links rising consumer costs to the ongoing U.S.-Iran war, now nearly seven months old, citing a CBO estimate of $38 billion in costs and oil surpassing $106 per barrel. Disruptions in the Strait of Hormuz and closure of a key Saudi pipeline are blamed for record diesel prices above $6.31 per gallon, with ripple effects on farming, groceries, and manufacturing. A Georgia farmer describes a 30% fuel-cost increase and security fears over diesel theft. The report notes Trump's history of urging rate cuts and anticipates a hike under Chair Kevin Walsh to combat inflation.
Source: ABC News