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The strikes on a gas field in Iran and an industrial complex in Qatar appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began.
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Jerome H. Powell, the chair of the Federal Reserve, emphasized the high degree of uncertainty stemming from the conflict as he acknowledged the potential for surging energy prices to lift inflation and dent growth.
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Oil prices increased Wednesday despite President Donald Trump's suspension of the Jones Act, which regulates shipping. Unleaded gas costs 32 percent more than a month ago.
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Federal Reserve Chair Jerome Powell is due to speak Wednesday on the economy and interest rates for the time since the start of the Iran conflict.
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Fed meeting live updates: FOMC holds rates steady as oil prices soar Business InsiderFed keeps rates on hold, signals one rate cut as Iran war stokes uncertainty AxiosWhat to Watch at the Federal Reserve's March Meeting The New York TimesExpectations for the next Fed rate cut get pushed back after hot inflation report CNBC
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Oil prices jumped Wednesday despite the Trump administration announcing it will issue a temporary waiver on a law known as the Jones Act.
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Fed Meeting: Hot PPI Adds To Iran War Inflation Risk; S&P 500 Slips (Live Coverage) Investor's Business DailyWholesale prices rose 0.7% in February, much more than expected and up 3.4% annually CNBCSurge in wholesale prices is a warning AxiosPrices Paid to US Producers Increase by More Than Forecast Bloomberg.com
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President Donald Trump on Wednesday took the much-anticipated step of waiving a 1920 law known as the Jones Act in an effort to combat soaring prices for crude oil and other key commodities.
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The cost of wholesale goods and services surged in February for the third month in a row, underscoring the challenge faced by the Federal Reserve in vanquishing inflation even before the recent spike in oil prices.
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Delta soothes investor fears over the effect of rising oil prices by raising revenue guidance, and the stock surges.
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Airline executives said the war in Iran had raised fuel costs and, as a result, fares, but that had not yet hurt demand for tickets from individuals and businesses.
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Stocks stabilized Wednesday after Tuesday's hotter-than-expected inflation data sparked Wall Street's worst selloff in over two years.
Inflation remained in focus today with the early morning release of the producer price index (PPI) for August. Similar to yesterday's consumer price index (CPI), the PPI - which measures what suppliers are charging for goods and services - rose at a slower annual clip in August than it did in July. However, on a month-over-month basis, both PPI and core PPI, which excludes energy and food prices, were up from July's figures.
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"There is a divergence in headline and core inflation building, where headline is cooling and core is heating up," says Jamie Cox, managing partner at Harris Financial Group. "That's an odd phenomenon and likely influenced by the shift from goods to services post-pandemic. The Fed should proceed with caution and not hit the emergency brake on rate hikes."
While yesterday's selling was broad-based, today's action was more mixed. In terms of sector performance, real estate (-1.2%) and materials (-1.2%) were the biggest laggards, while energy ( 2.8%) outperformed as U.S. crude futures rose 1.3% to settle at $88.48 per barrel.
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As for the major indexes, the Nasdaq Composite ended up 0.7% at 11,719, while the S&P 500 Index ( 0.3% at 3,946) and the Dow Jones Industrial Average ( 0.1% at 31,135) also finished with mode
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