Trump strikes Russian diesel deal... And Apple’s latest iPhone woes 10/9/26

Traders see Trump's Russia diesel deal as too small and too late to cool inflation, keeping rates higher for longer.

• Trump-Putin diesel deal: Trump lifted sanctions via OFAC to let Russia ship 300,000 tons of diesel immediately, 500,000 in November, 1 million tons after that—roughly 2.25 million barrels, a fraction of the 28 million barrels/day global and 4 million U.S. daily diesel use.
• Inflation pressure seen as sticky: Joe Ziedel (Cresset) argues diesel costs take 3-12 months to filter through agriculture, food, refrigeration and construction, keeping rates "higher for longer" with 2-3 more Fed hikes possible.

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