A senior Pentagon official says the US war in Iran has already cost about $25 billion. Democrats are using the mounting price tag ahead of mid-term elections, pointing to wider fallout including disruptions to oil and gas shipments that have pushed up gasoline prices. Public approval for the conflict is reportedly low, intensifying political pressure.
US inflation rose sharply in March, with higher gasoline prices linked to the Iran conflict pushing the PCE index to its biggest monthly gain in nearly two years. Core inflation stayed firm, reinforcing expectations that the Fed may keep rates higher for longer. Meanwhile, real consumer spending growth showed early signs of slowing.
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US gasoline prices are climbing fast, reaching near four-year highs as disruption fears linked to the late-February US and Israel attacks on Iran ripple through fuel markets. The national average retail price has jumped about $1.19 a gallon, roughly 40%, pushing costs higher for consumers while traders watch for further escalation and supply shocks.
US consumer confidence unexpectedly improved in April, rising 0.6 points to 92.8, according to The Conference Board. The March reading was revised up to 92.2. Economists surveyed by Reuters had predicted a slide to 89.0. The gain came even as Americans worried about higher gasoline prices.
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