Investors slash Fed rate-cut bets as Iran war sends petrol prices surging
Traders expect central bank to remain on hold until next summer in blow to Trump’s hopes for lower borrowing costs
Traders expect central bank to remain on hold until next summer in blow to Trump’s hopes for lower borrowing costs

The surge in oil prices and a softening labour market pose a dilemma for the US central bank

Christopher Waller says higher oil prices coupled with Donald Trump’s tariffs raise prospect of prolonged inflation

The soaring cost of driving presents a political problem for Trump ahead of midterm elections in November

Costs at the pump exceed level at the end of the Biden administration

Administration has failed to douse surge in fuel costs as Middle East turmoil deepens

Republican Senator Josh Hawley to introduce legislation after Donald Trump backs move