Tensions in the Middle East have global markets bracing for impact as investors eye geopolitical risks that could drive up oil prices if other countries become involved with Israel’s war against Hamas. Israel said Sunday that it would continue to allow residents of Hamas-controlled Gaza to evacuate to the south as the Israel Defense Forces prepare for a ground assault in response to Hamas’ unprecedented terror attack last weekend that killed over 1,300 Israelis.
If the conflict expands it would likely cause inflation to rise, which would spur central banks to accelerate interest rate hikes to control the price spike, according to Bernard Baumohl, chief global economist at The Economic Outlook Group. He noted that while other countries would likely see rates rise in this scenario, the U.S. could be an exception if investors pour capital into Treasurys, which would cause rates to fall and the dollar to strengthen.
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