Federal Reserve Vice Chair of Supervision Philip Jefferson said Thursday evening that he expects the war in Iran will push up inflation in the near term and that interest rates are "well-positioned" to respond to a range of economic outcomes.

The chances of accelerating U.S. inflation are growing with each passing day as the war in the Middle East continues, with the average price of gasoline nationwide spiking to almost $4 a gallon as of Thursday.

March 26 (Reuters) - Federal Reserve Vice Chair Philip Jefferson on Thursday said he is keeping a watchful eye on higher energy prices, which, if sustained, could worsen inflation but also slow consumer and business spending,

When you're no longer earning an income, inflation isn't just an annoyance. Rather, it can be a huge source of financial stress.

Chile implemented an increase in fuel prices, giving the country some of the highest costs in the region and adding upward pressure on inflation.

Clearly, we can't rule out rate hikes if energy prices spike further, but our base case is a pause throughout 2026.

U.S.-traded crude was at around $93 a barrel on Thursday.

There's a big gap between when the COLA is determined and how inflation impacts retirees. Several recent developments suggest inflation could accelerate in the next few months. There's a small silver lining for retirees -- they could receive a sizable COLA in 2027.