Treasury Secretary Bessent Urges Fed to Hold Rates Amidst Oil Price Surge

U.S. consumer prices rose by the most in nearly four years in March. This increase was driven by a record surge in the cost of gasoline and diesel resulting from the war in Iran. Global crude oil prices surged more than 30%, pushing the national average retail gasoline price above $4 a gallon for the first time in more than three years. Treasury Secretary Scott Bessent told Semafor that the Federal Reserve should "//wait and see" before deciding whether to lower interest rates.