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Gulf War Flare-Up: What the Latest U.S.–Iran Strikes Mean for Your Wallet

  The three-month-old war between the U.S.–Israel coalition and Iran escalated again this morning. Here's a plain-English breakdown of what happened — and what it means for your gas tank and grocery bill. What Happened on June 6? U.S. forces struck Iranian coastal radar sites on Saturday, June 6, after shooting down drones launched by Iran toward the Strait of Hormuz, according to the U.S. military. The U.S. military believes the four Iranian drones were targeting regional maritime traffic. U.S. Central Command said it struck Iran's surveillance sites in Goruk and Qeshm Island, both located on the Strait of Hormuz. Iran did not take that lying down: Iran's Revolutionary Guard Corps said it had targeted U.S. bases in Kuwait and Bahrain in retaliation and fired on four tankers attempting to cross the strait without its permission. U.S. forces also helped shoot down incoming Iranian missiles and drones directed at Kuwait and Bahrain — a barrage of seven ballistic missiles in t...
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US Markets Slip as Earnings Pour In Ahead of Fed Rate Decision

 

Wall Street limped early Tuesday with corporate earnings rolling in and the Federal Reserve’s next interest rate decision imminent. 

Futures for the S&P 500 and futures for the Dow Jones industrials each slipped less than 0.2% before the bell. UPS tumbled more than 7% after the package delivery company unexpectedly dialed back expectations for the year. General Motors climbed nearly 8% as the automaker’s profit and sales rose by double-digit percentages last year. Microsoft, Google and Starbucks report their latest financial results after the bell Tuesday. Also Tuesday, the US reports on job openings for November and the Conference Board releases consumer confidence data for January. 

On Wednesday, the Federal Reserve will make its next decision on what to do with interest rates. Most expect the Fed will no make any changes, but there is hope that it may cut rates in March. That would be the first downward move since the Fed began dramatically raising interest rates two years ago to get inflation under control. 

There is a lot of evidence suggesting that the Fed may be able to pull off a so-called economic “soft landing” after a period of accelerated inflation. The Federal Reserve’s preferred inflation gauge cooled further last month even as the economy kept growing briskly, a trend sure to be welcomed at the White House as President Joe Biden seeks re-election in a race that could pivot on his economic stewardship. On Friday, the U.S. government will release its monthly jobs report. Economists expect continued growth in hiring, but at a cooler pace. That’s exactly what the Fed wants to see after surging U.S. growth contributed to rising prices.


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