Key facts
- U.S. gas prices fell below $4 a gallon.
- This is the first time gas prices have been below $4 since March.
- The dip in gas prices follows an agreement with Iran.
- Retail sales rose 0.9% in May.
- Retail sales exceeded expectations.
- The Federal Reserve held interest rates steady.
- The Federal Reserve indicated potential for a rate hike later this year.
U.S. gasoline prices have fallen below the $4 per gallon mark for the first time since March. This decrease in fuel costs is attributed to a recent agreement with Iran. In parallel economic news, retail sales experienced a rise of 0.9% in May, a figure that exceeded market expectations. The Federal Reserve, in its latest monetary policy decision, decided to hold interest rates steady. However, the central bank also indicated that a rate hike might be considered later this year, suggesting a watchful stance on inflation and economic growth. The combination of lower gas prices and increased consumer spending points to a complex economic landscape.