Federal Reserve chair Jay Powell has acknowledged that the Iran war will raise inflation as a fresh jump in oil prices sent short-term US borrowing costs to the highest level since last summer.
Powell said on Wednesday that in the near term, “higher energy prices will push up overall inflation, but it is too soon to know the scope and duration of the potential effects on the economy”.
His comments came as the US central bank left interest rates on hold at 3.5 to 3.75 per cent for the second meeting in a row, as policymakers balance concerns that the Middle East conflict will ignite a fresh burst of consumer price rises against a weakening labour market.
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