U.S. diesel prices hit record high as bitcoin and gold struggle
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The timing could hardly be worse. Central banks are already on high alert and inclined to hike interest rates, making credit more expensive even though higher rates are unlikely to address the key source of inflation: disruptions to oil supplies from the wars in Iran and Ukraine.
On Thursday, the Fed hikes rates by 25 basis points, lifting the benchmark borrowing cost to the 3.75%-4% range. The hike is an evidence of how policymakers are biased toward using rate increases to tackle inflation stemming from oil‑supply shocks, a mistake, as per some observers.
Goldman Sachs and Morgan Stanley expect another 25 bps hike in October. Other central banks are also tightening. The European Central Bank recently raised rates, and the Bank of Japan (BOJ) is expected to do the same on Friday.
Record diesel prices therefore present a headwind for gold, bitcoin and technology stocks. Like gold, bitcoin is widely seen as a store of value and sovereign hedge. However, historically, higher borrowing costs have weighed on the cryptocurrency’s market value, as seen during the 2022 Fed tightening cycle.
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