U.S. diesel prices hit record high as bitcoin and gold struggle
Record diesel prices could feed through to consumer price inflation, confirming more Fed rate hikes. The central bank appears determined to raise rates into a oil supply shock.
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Summary
- U.S. diesel prices surged nearly 80% this year to a record $6.29 a gallon, driven by Middle East tensions and tight global refinery capacity.
- The price jump reinforces expectations for additional Federal Reserve interest rate hikes in the coming months.
- Central banks seem determined to raise rates into an oil supply shock, ignoring warnings that hikes cannot fix a fuel shortage.
