UBS On-Air: Paul Donovan Daily Audio 'Managing expectations'

Political pressure over gasoline prices, not economic damage, may be what pushes Washington toward an Iran settlement.

• Gas tax proposal falls short: Trump floated removing the US federal gasoline tax, but this would cut under 19 cents/gallon versus a price rise of over $1.25 since the Gulf War began.
• Political pressure signals possible Iran diplomacy: Donovan says Washington's sensitivity to gasoline prices may raise investor hopes for a settlement with Iran, since consumers anchor to a '$3 a gallon' fair price.

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