Moody's economist warns that surge in oil prices is the top threat to the US economy
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The surge in oil prices is identified as the top threat to the US economy, according to Mark Zandi, an economist at Moody's. US oil prices are nearing $90 a barrel, while global prices are close to $92 a barrel due to concerns about conflict in the Middle East. Higher oil prices could lead to higher gasoline prices, impacting consumer spending and inflation progress. The Federal Reserve may delay interest rate cuts if oil prices continue to rise, which could negatively impact investors on Wall Street. Geopolitical tensions in the Middle East pose a significant risk to the US economy, as they could lead to higher oil and gas prices. The upcoming election season adds complexity to the situation, as inflation and interest rate decisions will be closely scrutinized. Experts are divided on the potential impact of rising oil prices, with some predicting gas prices could reach $3.70 a gallon in the coming weeks. Overall, the situation remains uncertain with potential implications for consumer spending, inflation, and interest rate decisions in the coming months.
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