Federal Reserve and Inflation

Investor and market reactions to the Iran war — including effective closures of the Strait of Hormuz, repeated attacks on tankers and strikes across the Gulf — have pushed oil above $100 a barrel and U.S. gas past $4 a gallon, lifted 10‑year Treasury yields and driven the average 30‑year mortgage to about 6.46% (Freddie Mac). The shock has dimmed hopes for Fed rate cuts, raised recession odds and consumer unease, and threatens to push many buyers and sellers off the market, undermining the expected spring housing recovery.