EIA Short-Term Energy Outlook projects 2027 U.S. average diesel price at 5.03 dlr/gal, up from a prior forecast of 4.49 dlr/gal; 2027 U.S. average gasoline price projected at 3.73 dlr/gal, up from 3.56 dlr/gal.

Fed Governor Waller expects economic growth to slow this quarter but remain broadly resilient. He says the labor market is strong, labor supply and demand are roughly balanced, and employment is near the Fed’s objective.

US October inflation topped estimates for a third straight month and Fed Governor WALLER backed a December hike, lifting the dollar index more than 0.6% on Tuesday — its largest single-day gain since September. Markets increased odds of further tightening in 2027 and began pricing a small chance of a one-off 50bp December move after already fully pricing a 25bp rise. Dallas Fed President Lorie Logan also backed at least two additional 25bp hikes. Major currencies fell against the dollar: NOK, AUD and SEK slid over 1%, while JPY dropped up to 0.6%. Market participants see further near-term upside for the dollar while the Fed maintains a hawkish stance.