The ongoing war in Iran has weighed on consumers and completely offset the benefits of Trump's tax cuts, Moody's Mark Zandi said.

The economic impact of the Israeli-US war on Iran has cost American consumers almost $60bn in just three months, according to an analysis by Moody's Analytics shared with CNBC.

US households are facing a US$450 energy bill surge as a result of the war in the Middle East, with Moody’s saying it could be four times that by next year