Gas Near $4.50 and Mortgages Top 7% as Iran War Squeezes Trump Before Midterms
Updated
Updated · The New York Times · Sep 26
Gas Near $4.50 and Mortgages Top 7% as Iran War Squeezes Trump Before Midterms
3 articles · Updated · The New York Times · Sep 26
Summary
$4.50 gasoline and 7%-plus 30-year mortgages sharpened political pressure on President Trump with just over a month until the 2026 midterms.
The squeeze stems from the seven-month Iran war, which kept oil near $100 a barrel, pushed diesel above $6.50 a gallon and revived fears that transport costs will lift grocery and other prices.
Those inflation worries drove some U.S. government bond yields to their highest levels in more than two decades, raising federal borrowing costs and fueling bets the Federal Reserve could hike rates again next month.
Trump spent the week touting investment, construction and AI-driven economic strength at the U.N., even as he signaled he could still escalate the conflict with Tehran.