Higher energy costs could push up prices elsewhere, from plane fares to industries heavily reliant on shipping.
10/12/2023 09:51 AM EDTThe deadly conflict in the Middle East threatens to upend the Federal Reserve’s fight against inflation just as the central bank was making solid progress in curbing price spikes.
“Direct conflict with Iran that involves its oil production and refining facilities… is the major emerging risk to restoring price stability in the U.S. and global economies,” said Joseph Brusuelas, chief economist at RSM US., saying, “If Iran enters the war, we’re going to see much higher oil prices.”
That raises an even more economically unsavory possibility for President Joe Biden heading into an election year: Oil prices could rise, while the economy slows under the strain of high borrowing costs imposed by the Fed, leading to both higher inflation and slower growth.
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