White House in Damage Control Mode as Crypto Markets Brace for 8%-Plus Inflation

Psaki’s comments perhaps indicate the White House expects the headline inflation to cool in the coming months, as the panic in the energy market has faded. Gas prices in the U.S. have pulled back to $4.11 per gallon from the record high of $4.33 per gallon hit on March 11, according to the American Automobile Association. The West Texas Intermediate crude traded at $96 per barrel at press time, down 23% from the high of $123 seen a month ago, per charting platform TradingView. Energy prices had surged after Russia invaded Ukraine in late February.