US diesel prices hit record high above $6, Bank of America warns of economic threat

US diesel prices reached a record high of $6.0556 per gallon on September 11, surpassing the $6 mark for the first time. Bank of America (Bank of America) analysts warn that surging diesel costs pose a greater threat to the US economy than rising Treasury yields, as diesel is a critical production input for trucking, rail, and agriculture. The price spike is driven by rising crude oil costs amid geopolitical tensions and constrained global refining capacity. With the autumn harvest and peak shipping season approaching, analysts warn of potential inflationary pressure on food and consumer goods, further complicating the Federal Reserve's monetary policy outlook.