"With the saving rate about as low as it ever goes ... [consumers] will have little choice but to rein in their spending, weighing further on the already sagging economy."

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