An explosion after U.S.-Israeli airstrikes hit oil storage depots in Tehran. The war has tangled supply chains and caused oil, gas and fertilizer prices to gyrate for months.
The European Central Bank raised interest rates for the first time since 2023. It expects inflation to run hotter than previously thought, and downgraded its forecast for economic growth.
Speaking at a bill signing on Wednesday, President Trump predicted that inflation would recede quickly, once the Iran conflict concludes.“ It’s going to come down like a rock.”
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