A federal judge tossed out Department of Justice subpoenas sent to Federal Reserve chair Jerome Powell earlier this year, according to a filing unsealed on Friday.
Why it matters: The judge accused the Trump administration of using the criminal investigation to pressure the head of the world's most important central bank to lower interest rates.
The judge, James Boasberg, the chief judge for the U.S. District Court for Washington, D.C., also scolded the administration for providing "no evidence whatsoever" that the Fed chief had committed a crime.
Travelers can expect airlines to raise ticket prices, idle planes and implement fuel surcharges on certain flights if energy prices remain elevated, according to industry analysts.
The big picture: Jet fuel costs — which account for about 30% of airline expenses, according to Deutsche Bank — have spiked since the Iran war began.
The economy was flashing stagflation signals — tepid growth and high inflation — even before the Iran conflict added an oil shock to the mix.
Why it matters: What happens when geopolitical turmoil clogs up the world's oil supply chain, against a backdrop of a U.S. economy losing momentum amid sticky inflation?
It's not just oil:The Iran war is threatening to reignite food inflation — the price shock voters feel most directly — at the worst possible time for President Trump and Republicans.
Why it matters: The Strait of Hormuz — paralyzed by Iranian threats and potentially mines — carries a third of the world's fertilizer. For many American farmers, the spring planting season is just weeks away.
The Iran war is drawing fresh scrutiny to American crude oil exports as a way to curb skyrocketing fuel prices.
The big picture: The U.S. has become one of the world's largest oil exporters since a law changed a decade ago allowing crude to flow beyond American borders.
The U.S. Navy will escort ships through the Strait of Hormuz, "perhaps with an international coalition," as "soon as it is militarily possible," Treasury Secretary Scott Bessent said in a Sky News interview broadcast Thursday.
Why it matters: The International Energy Agency said Thursday the global oil market is facing "the largest supply disruption" in history due to the Iran war, which Bessent told Sky News has cost the U.S. $11 billion thus far.
