Diesel Prices Fuel Fed's Next Move

The Federal Reserve raised its benchmark interest rate by a quarter point on a unanimous vote. Officials are fighting inflation that remains above target, with added uncertainty from geopolitical developments. Elevated diesel prices are a particular concern, said Joe Quinlan, Head of CIO Market Strategy at Merrill and Bank of America. Speaking to Bloomberg This Weekend hosts David Gura and Christina Ruffini, Quinlan warned that high diesel costs could keep pressure on the Fed to raise rates further. Diesel is a refined fuel used in trucks, trains, and heavy machinery. Its price affects the cost of moving goods, which can push up prices across the economy.