First Thing: US government borrowing costs hit new high as US strikes resume on Iran
Summary
US government borrowing costs have hit their highest level since 2007 after the Federal Reserve decided not to raise interest rates, raising concerns about inflation and the economy. Meanwhile, the US military has resumed strikes on Iranian targets after Iran attacked US forces in Jordan, increasing tension in the Middle East.Key Facts
- US borrowing costs reached their highest point since 2007 after the Federal Reserve kept interest rates steady.
- The Fed chair, Kevin Warsh, said the bank remains committed to controlling inflation.
- Inflation in the US cooled to 3.5% in June but fears remain due to renewed conflict with Iran.
- US stocks fell sharply, with major indexes like the S&P 500, Dow Jones, and Nasdaq dropping significantly.
- The US military launched strikes on Iranian Revolutionary Guard targets after Iran attacked US forces in Jordan.
- The strikes followed a pause in violence but risk escalating the conflict in the region.
- US partnered with Saudi Arabia to attack Iran-backed militias in Iraq, killing at least 20 fighters and six Iranian advisers.
- Oil prices rose sharply, with Brent crude increasing by 7.3% to more than $88 a barrel.
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