Thurs., Sept. 17, 2026
[4:10 PM ET…closing prices for stocks, 3:50ish for commodities and bonds]
Tale of the Tape at the gas pump, nationwide averages, courtesy of AAA.
Fri., Feb. 27…regular $2.98…diesel $3.75
Thurs., Sept. 17…regular $4.44…diesel $6.39 [record]
The move in diesel is beyond troubling. It’s killing the farm economy, for one.
Today, crude oil futures (WTI) fell to below $100, briefly, before rallying back some to the $101 level, $104 on Brent. Gasoline futures, which had fallen a bit, were unchanged around 4:00 PM.
The Iran-backed Houthi rebels in Yemen claimed they shot down a Saudi F-15 jet fighter and released video footage that appeared to show charred aircraft debris. What I saw seemed authentic. The Saudis didn’t confirm it, but others did.
The Houthis have been seizing territory in the area of the Bab al-Mandab Strait, strengthening their ability to interfere with Saudi Red Sea oil shipments. And the rebels and Iran-backed militias in Iraq have also hit Saudi oil production.
If the incident really took place, it marks a significant advance in the Houthis’ air defense capabilities. For years, the Saudis have largely been able to conduct airstrikes across Yemen at will. The Houthis didn’t say what the fate of the pilot(s) was. [The F-15 can be flown by a single pilot or with a pilot and a weapons-system operator on board.]
Wednesday, the Saudis accused the Houthis of trying to attack Mecca with a drone. The Houthis denied this, as did Iran.
Saudi Arabia, though, has so far seemed reluctant to unleash a major military campaign against the Houthis, wary of bringing greater Houthi attacks on its oil infrastructure and being dragged back into an all-out civil war in Yemen, its southern neighbor.
Regional officials have recently suggested that the Saudis are running low on missile interceptors and have turned to regional and Western allies for assistance. Get in line, MBS.
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The markets, both stocks and bonds, recovered some today after their late-afternoon drubbing yesterday following the Fed’s rate hike. It helped that oil was falling.
But after I posted yesterday, for the record, President Trump posted on Truth Social at 4:38 PM:
“Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World – BY FAR. Our Country is BOOMING with new Investment! If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, $1.5 Trillion Dollars a year. The word ‘Deficit’ is nothing more than a fancy word for LOSS. We are ‘carrying’ almost every country in the World, and that cannot go on any longer. LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!”
Another rather nonsensical screed on behalf of the president.
But he didn’t mention Kevin Warsh by name.
Later Wednesday, addressing reporters before a midterm campaign rally in North Carolina, he said he still has confidence in Warsh – despite the unanimous vote to raise rates.
“I do. I mean, I’m relying on Kevin, but he’s got a very tough board. I told Kevin, I said, ‘You might as well vote with the board because it’s just not going to matter.’ The board is very hostile. They’re very political. They’re doing the wrong thing. They’re a bunch of politicians.”
“No matter how good a job, he’s got a hostile board,” Trump added. “They’re raising that only for political reasons, and that’s a raise against Trump.”
Trump’s conversation with Warsh did not take place…I can guarantee it. [Our leader has a vivid imagination.]
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Dow Jones +316…+0.6% [51778]
S&P 500 +85…+1.1% [7637]
Nasdaq +439…+1.7% [26418]
Oil (WTI) $101.30…Brent $104.10
Gold $4345
Silver $65.35
Bitcoin: $76,543 [4:00 PM ET]
U.S. 2-yr. 4.67%
U.S. 10-yr. 4.93%
Japanese 10-yr. 2.97%
Check out my ‘Week in Review,’ posted Fridays at 4:30 PM.
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Brian Trumbore
