Rising pump prices are blunting the positive impact of sweeping tax cuts on Americans' spending, potentially undercutting a pillar of economic growth this year.
President Trump’s decision this week to withdraw from the Iran nuclear deal and reinstate sanctions against that oil-rich country could constrain global supplies, further pushing up crude and gasoline prices.
“While the tax cuts have lifted take-home pay for the vast majority of workers, rising gasoline prices are eating into that benefit,” Morgan Stanley said in a note to clients this week.
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