Claire Jones

All the focus was on inflation and maintaining price stability and getting back to that 2% target for price pressures that the Fed has.

That's not what a lot of people imagined when he won the nomination back in January.

Thanks, Mark.

Pleasure.

So far, since the Iran war began, households spent about $37.9 billion extra on gas as a result of the conflict.

Hi, Mark.

So we've seen fuel prices rise by more than half since the conflict erupted.

And it's really having a tremendous impact on a U.S.

consumer that drives an awful lot.

Brown University has got this excellent tracker which shows the burden on consumers.

US households, and it's found that so far since the Iran war began, as of yesterday around midday, households had spent about $37.9 billion extra on gas as a result of the conflict.

Well, this brown tracker, it's about the impact we've seen so far on gasoline and diesel prices.

But if prices remain this high, you'd expect to see the impact seep through other areas of the US economy.

For instance, food prices.

A big aspect of those is transportation costs.

Another impact of those is fertilizer prices, which have also soared as a result of the Iran war.

So

If the war continues, in the months ahead, we'll see goods such as food impacted too.

So before the conflict began, you know, most people thought the Fed was going to cut interest rates by a quarter point twice this year.

Now that we've seen inflation surge, that's off the cards.