Steven Rattner

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The absurdity of the Iran War is epitomized by the Trump administration’s decision to partially ease sanctions on Iran and Russia, allowing both countries to rake in huge profits. Russia is set to earn three times more per month from its energy resources. @Morning_Joe

The only way to stop an economic spiral is for Trump to end the war and for Iran to open the Strait of Hormuz. The longer he delays, the longer Americans will struggle with higher oil—and gas—prices. @Morning_Joe

Markets were expecting two to three rate cuts from the Fed this year until Trump’s War in Iran began to wreak financial havoc. With inflation picking up, it looks like we might not get any rate cuts at all this year. @Morning_Joe

Economists worldwide have increased their inflation forecasts for the United States in the wake of the Iran War’s impact on energy markets. The @OECD estimates inflation could reach 4.2% this year. @Morning_Joe

Past oil shocks had massive effects on our economy and politics. And the current one—caused by Trump’s War in Iran—is nearly two times larger. @Morning_Joe

The Strait of Hormuz is the critical artery for global oil supply, particularly for Asia. The fallout from the War will only end when the oil and gas of the Gulf reaches the global economy—which can only happen if Trump ends the War and Iran reopens the Strait. @Morning_Joe

The Iran war has disrupted a greater share of oil supplies than any previous shock. And this time, there is virtually no spare capacity available to make up the gap.   @WSJ

Rising inflation and gas prices aren’t the only economic challenges arising from the Iran war.   Mortgage rates have risen 4 weeks in a row since Trump started the conflict; the average 30-year rate is now 6.38%.   @WSJ

Trump bragged that his tariffs are making so much money, he will be able to send stimulus checks to every American. The truth: tariff revenue is a drop in the bucket in reducing the federal deficit. @PIIE

Trump hasn’t delivered on his promises to working Americans. In his 1st year, the gap in spending growth between the wealthy, middle class & poor has widened, and income growth for the rich has surpassed everyone else by the largest margin since 2015. CC @BankofAmerica

U.S. consumers will be among the hardest hit by Trump’s tariff policies & the Iran war. The OECD raised its U.S. inflation estimation for this year to 4.2% — an increase of 1.2 percentage points, the 4th largest uptick among all G20 economies. CC @OECD

Oil shocks don’t just drive up inflation. They also increase unemployment. In the context of an already weak labor market, GS estimates the Iran oil shock will increase the unemployment rate by 20-40 basis points by the end of the year. CC @GoldmanSachs

Trump was elected on promises to help working Americans catch up. His policies are having the opposite effect. Together, his tariffs and “One Big Beautiful Bill” will decrease incomes for the poorest Americans and disproportionately benefit the highest earners. @TaxPolicyCenter

US wealth inequality has skyrocketed in recent decades. We need more focus on building wealth for American families in an equitable matter — and less on wars, tariffs, and ICE chaos. CC @WSJ @omzidar

President Trump’s approval rating has hit its lowest point in his second administration as the war takes its toll on his standing with the electorate. CC @Reuters

Suspicious high-volume trades before major POTUS announcements have been a disturbing pattern during the Trump admin. Monday was no different as nearly half a billion $ in oil futures trading occurred irregularly just 15 minutes before Trump’s comments pointing to de-escalation in Iran. CC @FT

Despite investors’ previous hopes for rate cuts, Trump’s war has worsened the Fed outlook — with markets now not expecting further cuts this year (or next). My @Morning_Joe Chart

Trump’s war in Iran is putting extreme pressure on global oil supplies, driving up crude prices that now may stay higher for longer. My @Morning_Joe Chart

Rising gas prices caused by the war are already hurting Americans’ bottom line — in both expensive and affordable states. On average, Americans are paying almost $1 more per gallon than they were last month. My @Morning_Joe Chart

The Fed bumped up its inflation expectation in March, finding that that the war will increase costs for consumers, as higher oil and gas prices filter through the economy. My @Morning_Joe Chart