The Fed now thinks inflation will take even longer to return to the goal, as stubborn inflation, rising rates, and economic uncertainty persist.

If you’ve been following the news of late, you couldn’t help but notice the cost of diesel fuel has skyrocketed. You may also wonder why it’s important. The cost of diesel is one of the most important components of inflation and will soon make the cost of living rise even further. Why is the cost of diesel fuel rising? How will it impact inflation?

Raphael Bostic, former Atlanta Fed president, joins 'Squawk on the Street' to discuss the latest Federal Reserve decision, energy's impact on inflation and much more.

The S&P 500 and Nasdaq composite posted their biggest one-day gains in six weeks.

The Bank of England kept interest rates on hold on Thursday but ​warned they might have to go up if the Iran war drags on, while predicting British inflation will top 4% early next year.

The reading comes a day before the Bank of England updates its monetary policy.

As the war in the Middle East continues to push up energy prices and foster heightened fears about inflation, the Bank of England held interest rates steady on Thursday. The decision to not raise rates this month makes it an outlier among other large global central banks.

The Iran war’s net impact on the insurance sector remains earnings-neutral to slightly positive. While broad property and casualty (P&C) insurers insulation themselves through strict policy exclusions, specialized marine, aviation, and energy underwriters captured historic revenue windfalls.

The report comes at a pivotal moment for the Federal Reserve, which is scheduled to meet next week to decide whether to hike interest rates.