likely unveil new sanctions<\/a> weekly.<\/p>\nOn the heels of imposing penalties on the United Arab Emirates branches of Egypt\u2019s Banque Misr on Friday over alleged financial ties to Iran, Bessent said the next step may be cutting off an institution entirely from the dollar-based financial system.<\/p>\n
\u201cYou\u2019re going to see a lot more of these every week,\u201d Bessent said ahead of the G20 finance leaders meeting. \u201cWe\u2019re starting with the banks, and we\u2019re telling the banks it\u2019s not okay to have Iranian money and to aid the regime.\u201d<\/p>\n
US Federal Reserve Chairman Kevin Warsh, in his first international economic policy meeting since taking office in May, told the G20 opening plenary session that he was looking forward to learning more about growth prospects among member economies.<\/p>\n
Warsh\u2019s remarks were underscored by his speech on Friday at the Federal Reserve\u2019s Jackson Hole symposium, where he said that policymakers would \u201chave work to do\u201d if they lacked confidence that inflation was returning to the central bank\u2019s two percent target.<\/p>\n
He claimed that inflation was too high, financial conditions were not restrictive, and the labour market was consistent with full employment, signalling that price stability remained the Fed\u2019s priority.<\/p>\n
Warsh\u2019s comments may signal a looming interest rate hike.<\/p>\n
Since the US and Israel first struck Iran on February 28, one driver of US inflation has been the energy market. In July, the price of energy overall jumped 14.7 percent from a year earlier, with petrol prices in particular up 24.6 percent over the last 12 months.<\/p>\n
The comments and growing tensions between the US and Iran are driving markets. Gold, for example, normally considered a safe investment during economic uncertainty, tumbled to a two-week low and fell\u00a00.8 percent to $4,419.38 per ounce.<\/p>\n
Meanwhile, on Wall Street, all the major indices are trending downward. The Nasdaq is down by 0.4 percent, the S&P 500 by 0.5 percent, and the Dow Jones Industrial Average by 0.6 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"US Treasury Secretary Bessent weighs in on the United States\u2019 economic pressure campaign at a meeting of G20…\n","protected":false},"author":2,"featured_media":610424,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[2667,72,1954,969,113,5468,61,60,43,1650,115,2739,153592],"class_list":["post-610423","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-banks","tag-business","tag-business-and-economy","tag-donald-trump","tag-economy","tag-financial-markets","tag-ie","tag-ireland","tag-news","tag-politics","tag-united-states","tag-us-canada","tag-us-israel-war-on-iran"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/610423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=610423"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/610423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/610424"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=610423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=610423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=610423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}