Federal Reserve rate hikes cannot solve war-driven inflation

The armed conflict between the United States and Iran and the political fight it set off at home, from strikes and the naval blockade around the Strait of Hormuz to negotiations over Iran's nuclear program. Debated through war powers, munitions stocks and household costs.

Coverage of the American economy and the policy that shapes it: inflation, employment, tariffs, taxation and the federal budget. Distinct from business news, which follows companies rather than the decisions taken in Congress and at the Federal Reserve.

Household prices for food, housing, energy, healthcare and other everyday necessities, and the economic policies blamed or credited for them. Central to how American voters judge an administration, and argued through inflation, wages, interest rates, tariffs and gasoline prices.

How issuers manage money supply, inflation, and interest rates. These rules make or break a currency's credibility as a store of value.

Yields reached a twenty-month high as the Hormuz shock revived inflation fears, the ten-year at 4.80 percent and markets repricing for a Federal Reserve that may raise rather than cut. A forty-trillion-dollar debt makes the borrowing costs bite at home.