Fed Rate Hike Fears Grow Amid Oil Price Surge

High oil prices and record-breaking US diesel costs have fueled concerns that the Federal Reserve will soon raise interest rates, despite potential negative impacts on economic growth.

A day after the European Central Bank raised eurozone borrowing costs due to energy price increases from a Middle East conflict, US consumer inflation remained steady at 3.4 percent in August, in line with analyst expectations and above the Fed's two percent target.

Cresset Capital Management's Jack Ablin noted that investors were relieved by the unchanged inflation figures, but now expect the Fed to raise rates next week.