Key Fed Official Says Interest Rate Hike Is Possible as Gas Prices Soar

A top official at the Federal Reserve has said that soaring gas prices present a new threat to the economy, warning of a possible interest rate hike if inflation remains persistently elevated.
Oil prices have surged since the U.S.-Israeli war with Iran began, sparking fears of renewed inflation and roiling the stock market, which dipped on Tuesday after President Donald Trump threatened that Iran's "whole civilization will die tonight" if Tehran doesn't accept his terms.
Cleveland Fed President Beth Hammack, a voting