DOOM NEWS / SEARCH
6 stories found
G7 countries plan to release 100 million barrels of oil and diesel. The move comes as global energy prices have surged amid the US and Israel’s war on Iran and Russia’s war on Ukraine.
US consumer prices rose 3.4% year-on-year in August, unchanged from July, official BLS data show. Rising gasoline and diesel costs — including an average diesel price topping $6 per gallon on Friday — are squeezing household budgets and increasing market bets on a Fed rate hike next week.
The European Central Bank raised its policy rate to 2.5% this week. Rising oil and gas prices linked to the US–Iran war have pushed inflation concerns back to the fore as the US Federal Reserve and the Bank of England prepare rate decisions next week.
Annual US inflation was 3.4% in August, unchanged from July. Energy-price increases after the U.S.–Iran ceasefire ended pushed gasoline and diesel higher while core inflation rose to 2.4% year-over-year, according to the US Bureau of Labor Statistics.
Investors resumed dumping government bonds after oil rose above $107 a barrel amid concerns over advances by Houthi rebels along the Red Sea. Yields jumped: 10-year UK gilts topped 5.37% and 10-year US Treasuries reached 4.92%.
Over the past fortnight government bond markets in major economies have been volatile, with the US 10-year Treasury yield rising to 4.8%. The move coincides with US government debt topping $40tn, inflation worries after renewed Middle East hostilities, and large borrowing by major AI hyperscalers.