Economic Policy Developments - The ongoing war in Iran has led to a surprising prediction of a potential interest rate hike by the end of the year, contrasting with the previously anticipated 60 basis points of cuts [2] - The Trump administration's 60-day waiver of the Jones Act aims to address surging fuel and fertilizer prices during the Iran War, but is viewed as a short-term solution to a deeper economic crisis [5] Market Reactions - The gold market experienced its worst weekly performance since 1983, attributed to the weak performance of SPDR Gold Shares stock and the impact of the ongoing Iran war [4] - Reports of a potential intervention in the commodities market by the Treasury Department were dismissed as rumors, indicating a lack of confidence in government intervention strategies [6] Consumer Impact - A controversial statement from a top White House advisor regarding the financial impact of the U.S.-Israeli war with Iran on American consumers sparked outrage, especially as gas prices reached $3.84 a gallon, a 24.8 cent increase from the previous year [3]