First Thing: US government borrowing costs hit new high as strikes on Iran resume

Borrowing costs for the U.S. government have reached their highest level since two thousand seven, The Guardian reports, after the Federal Reserve held its key interest rate steady. Investors reacted with alarm, fearing the Fed isn't moving quickly enough to rein in inflation; the S and P five hundred fell one point five percent, the Dow Jones dropped two point two percent, and the Nasdaq declined one point seven percent. Fed Chair Kevin Warsh said the bank would not waver in its commitment to controlling prices, which have been pressured by the conflict in Iran.

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