Trending Now - Iran Conflict Complicates Trump's Economic Promises

WHO:

President Donald Trump

U.S. Federal Reserve Chair Jerome Powell

Kevin Warsh, nominated by Trump to succeed Powell

Nathan Sheets, chief global economist at Citi

Tim Duy, chief economist at SGH Macro

Chris Waller, Stephen Miran, Michelle Bowman, Beth Hammack, Austan Goolsbee, members of the Federal Reserve

U.S. Attorney Jeannine Pirro

WHAT:

Trump is pressing the Federal Reserve to cut interest rates "immediately" due to rising energy prices from the Iran conflict.

The national average for regular gasoline is $3.79 a gallon as of March 17th, 2026, up 88 cents from a month earlier.

Diesel prices have risen to $5.04, up $1.39 over the same period.

The benchmark 30-year fixed mortgage rate is 6.26% as of March 16th, 2026, up from below 6% in late February.

The Federal Reserve is expected to keep interest rates unchanged during its meeting on March 18th, 2026.

Economists predict the first rate cut may not occur until September 2026 or later.

The Fed cut rates three times in 2025 before pausing in January 2026.

WHERE:

United States

Michigan (referenced in the context of residents feeling economic pain)

WHEN:

March 17th, 2026 (gasoline and diesel prices reported)

March 16th, 2026 (mortgage rate reported)

March 18th, 2026 (Federal Reserve meeting date)

February 2026 (mortgage rate dip reported)

February 2026 (92,000 jobs shed reported)

WHY:

The Iran conflict is driving up oil prices, complicating the Federal Reserve's decision-making regarding interest rates.

Rising oil prices are renewing inflation fears, impacting consumer costs and borrowing.

HOW:

The Federal Reserve is expected to maintain current interest rates to assess the economic impact of rising oil prices.

Trump is using social media to communicate his demands for immediate rate cuts.

(UPDATED March 18, 2026 01:32 UTC)

Today, President Trump is urging the Federal Reserve to cut interest rates immediately in response to rising energy prices linked to the ongoing conflict in Iran. As of March 17, the national average for regular gasoline has surged to $3.79 a gallon, while diesel prices have climbed to $5.04, putting additional pressure on consumers and the economy. The Federal Reserve is expected to keep interest rates unchanged during its meeting today, despite economists predicting that the first rate cut may not happen until September or later.