The war in the Middle East could lead to higher inflation for longer as it puts upward pressure on oil prices, according to Strategas' Jason Trennert. On Saturday, militant group Hamas attacked Israel, leading to the deadliest offensive Israel has experienced in 50 years . Israel responded with a series of retaliatory air strikes, the total number of casualties since the weekend has now reached over 1,300.
"There is likely to be natural tendency to buy Treasurys and the U.S. dollar, but wars are generally inflationary." "It is difficult not to assume that the war is likely to put a bottom in the price in the oil; this, in turn, may put pressure on the U.S. consumer," the strategist added. Investors have been fretting persistent inflation, which could lead the Federal Reserve to keep interest rates higher for longer. Rising oil prices could put even more pressure on inflation.
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